Wärtsilä posts strong performance in Q2 – European manufacturing moves to Vaasa

Håkan Agnevall, President of and CEO of Wärtsilä, during welcome speech at STH inauguration 1.6.2022
Håkan Agnevall. Image: Christoffer Björklund / Wärtsilä
2 min

Wärtsilä’s new financial report has been published. Total order intake increased by 25% and service order intake by as much as 36%.

Highlights from April–June 2022

  • Order intake increased by 25% to EUR 1,440 million (1,154)
  • Service order intake increased by 36% to EUR 811 million (598)
  • Net sales increased by 24% to EUR 1,407 million (1,131)
  • Comparable operating result increased by 20% to EUR 85 million (71)
  • Operating result increased by 29% to EUR 75 million (58), which represents 5.3% of net sales (5.1)
  • Basic earnings per share increased to 0.09 euro (0.06)

Håkan Agnevall, President & CEO of Wärtsilä, comments that, in a continued volatile energy market, “the demand for balancing power is growing, and we received important orders for both thermal power and energy storage solutions”.

According to Mr Agnevall, the recent launch of Wärtsilä’s Decarbonisation Services contributed to the great performance in the service business in Energy.

The service business also developed well in the marine markets, thanks largely to fleet reactivation, especially in the cruise segment. Around 90% of the cruise fleet capacity was active at the end of June, and cruise port calls have reached pre-covid levels.

Vaasa becomes more central

Wärtsilä recently announced plans to further optimise its European engine manufacturing footprint. The company plans to ramp down manufacturing in Trieste, Italy, and to centralise its four-stroke engine manufacturing in Europe to Vaasa, Finland.

For Vaasa, this is a very important decision, on the back of the inauguration of Wärtsilä’s massive Sustainable Technology Hub. In line with its commitments to sustainable development, this is a part of the company’s strategy “to continuously monitor our manufacturing capacity and footprint to ensure that our operational efficiency remains competitive”, according to Håkan Agnevall.

Over the years we have continuously consolidated our manufacturing footprint in Europe. With our new European manufacturing footprint, we are taking the next step in strengthening our competitiveness and creating a structure enabled for future growth.

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