Aggreko’s Americas Business Grows 15 Percent in Third Quarter
Aggreko’s business in the Americas grew 15 percent year over year in the third quarter according to the power generation giant’s interim management statement covering the period from July 1 through Nov. 13.
Overall, underlying group revenue in the third quarter increased 6 percent in the third quarter, although reported revenues – significantly impacted by adverse currency movements – declined 3 percent. The company said Power Projects revenue grew 10 percent in the third quarter, as anticipated, with order intake for the year to date topping last year at 697 MW.
On an underlying basis, Aggreko’s Europe, Middle East and Africa business grew 4 percent, with “Local” business delivering growth numbers. EMEA’s “Power Projects” revenue was flat, although more than 200 MW of gas capacity came online in Mozambique and Cote d’Ivoire. Aggreko’s 120 MW contract in Libya is fully operational again after a one-month interruption caused by a security review.
Aggreko’s revenue in Asia Pacific and Australia dropped 9 percent, reflecting the impact of a slowdown in the mining sector in Australia, and volume and pricing pressure in Indonesia.
Aggreko officials said its interim results have been in line with management expectations.
Based in Scotland, with U.S. headquarters in Houston, Aggreko North America is No. 6 on the RER 100.
