February 28, 2018 / 7:28 AM / 2 years ago

Britain's Weir Group posts FY profit above estimates

Feb 28 (Reuters) - Weir Group Plc, a maker of pumps and valves for mining and energy industries, reported full-year operating profit above analysts’ expectations, helped by a 67 percent rise in its oil and gas business orders.

The company’s operating profit rose 36.4 percent to 292 million pound ($405.94 million) for the year ended Dec. 31. Analysts on average had expected an operating profit of 273.68 million pounds, according to Thomson Reuters I/B/E/S.

The company said in October that it expected annual operating profit to be slightly lower than its previous estimate, due to higher costs and investments in the mining business.

Full-year revenue rose 27.7 percent to 2.36 billion pounds, also above analysts’ estimate of 2.31 billion pounds. Order book rose about 20 percent, on a constant currency basis, to about 2.4 billion pounds. ($1 = 0.7193 pounds) (Reporting by Arathy S Nair in Bengaluru; Editing by Subhranshu Sahu)

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