Wärtsilä has reported positive financial results for the first nine months of 2024, reflecting improved net sales, profitability, and cash flows. The Finnish energy technology company announced that order intake increased by 7% to €5.58 billion, with organic growth reaching 11%. The order book closed at €7.58 billion, up 15% from the same period in 2023.
The company recorded a 5% increase in net sales to €4.6 billion, driven by 8% organic growth. Operating profit rose by €213 million to reach €487 million, representing 10.6% of net sales, and cash flow from operations strengthened to €770 million.
Wärtsilä expects energy sector demand to be robust over the next 12 months, particularly for its engine-based power solutions that provide grid stability amidst rising renewable energy deployments. “The energy market continues to be influenced by protectionism and heightened geopolitical risks,” said Wärtsilä President and CEO Håkan Agnevall. However, he emphasized that the demand for renewable-supporting balancing power is driving growth, as seen with a recent contract to supply fast-starting engines for Kentucky Municipal Energy Agency's (KYMEA) new power plant. The engines will support KYMEA's renewable capacity by responding quickly to fluctuations in solar and wind availability.
Wärtsilä remains optimistic about prospects in both the energy and marine markets, projecting an improved demand environment through to Q3 2025.
