Posted on April 29, 2024
“Wärtsilä continued to make good progress during the first quarter of 2024. Our profitability improved, cash flow from operations increased and our order book ended up at a new all-time high driven by a continued strong order intake. We also made good progress in services, with service net sales growing by double-digits in both Marine and Energy.
The headwinds for the global economy continued during the quarter. In the energy market, the current macroeconomic situation caused uncertainty and delayed decision-making. On the positive side, the global energy transition advances steadily. The move to renewables, combined with significant volumes of traditional inflexible assets nearing retirement, has resulted in a need for more flexibility in energy systems around the world. This creates ample growth opportunities for Wärtsilä in the mid to long term. In March, we signed a contract continuing our successful collaboration with our customer Lower Colorado River Authority (LCRA) in Texas, USA. We will provide another ten Wärtsilä 50SG engines to LCRA, generating an output of approximately 190 MW. The faststarting Wärtsilä engines will provide dispatchable power to balance the increasing amount of intermittent renewables introduced into the system.
Wärtsilä q1 2024 Interim Report
