Norwegian ship maker Aker Yards reported a bigger-than-expected drop in first-quarter core earnings on Wednesday and said it saw the revved up shipbuilding market levelling out.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 211 million Norwegian crowns ($41.45 million) in January-March against 459 million a year earlier.
The result missed all six forecasts in a Reuters survey of analysts, whose views ranged from 229 million to 303 million.
"It is expected that the shipbuilding market within Aker Yards' key niches will remain positive. The high activity level in the industry continues into 2008 but with the growth rate levelling out," Aker Yards ASA said in a statement.
"The board expects gradual improvements in operations and results through 2008, with quarterly fluctuations as in previous years and with a guidance for the EBITDA margin of three to four percent for the full year."
The company, controlled by South Korea's STX Shipbuilding (067250.KS: Quote, Profile, Research), has struggled with rising costs due to high activity in its Finnish ferry operations. Previously, it set its 2008 EBITDA margin guidance at about 4 percent.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 211 million Norwegian crowns ($41.45 million) in January-March against 459 million a year earlier.
The result missed all six forecasts in a Reuters survey of analysts, whose views ranged from 229 million to 303 million.
"It is expected that the shipbuilding market within Aker Yards' key niches will remain positive. The high activity level in the industry continues into 2008 but with the growth rate levelling out," Aker Yards ASA said in a statement.
"The board expects gradual improvements in operations and results through 2008, with quarterly fluctuations as in previous years and with a guidance for the EBITDA margin of three to four percent for the full year."
The company, controlled by South Korea's STX Shipbuilding (067250.KS: Quote, Profile, Research), has struggled with rising costs due to high activity in its Finnish ferry operations. Previously, it set its 2008 EBITDA margin guidance at about 4 percent.