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Alstom Q3 Sales, Orders Down; Confirms FY20, Mid-term View - Quick Facts

French speed-train maker Alstom SA (AOMFF.PK,ALS.L) Tuesday reported that its third-quarter sales were 2.05 billion euros, slightly down from last year's 2.06 billion euros.

Sales grew 2 percent organically, mainly due to a ramp-up in Rolling Stock and Signalling, which compensated the anticipated decline of Systems and a decrease in Services.

Signalling sales increased significantly by 10 percent organic.

Alstom recorded 1.84 billion euros of orders in the third quarter, sharply lower than 3.56 billion euros in the prior year that was notably high with large orders.

The backlog as of December 31, 2020 reached 40.1 billion euros.

Looking ahead, the company confirmed full year outlook and mid-term 2022/23 guidance, supported by positive fourth-quarter commercial pipeline and mid-term rail market perspectives.

For fiscal year 2021, the company expects sales between 7.6 billion euros and 7.9 billion euros, and an adjusted EBIT margin in the 7.7 percent - 8.0 percent range.

Further ahead, for mid-term outlook for fiscal year 2023, the company confirmed 9 percent aEBIT margin and of a conversion from net income to free cash flow above 80 percent.

In the context of the Covid-19 crisis, the objective of a 5 percent average annual growth rate over the period from 2019/20 to 2022/23 should be slightly impacted by the temporary slowdown of tender activity, the company said.

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