Wärtsilä: Good performance in a difficult market

By Erkki Vesola
Wärtsilä’s Q1 figures landed reasonably close to estimates, although adjusted relative profitability was slightly below expectations. Margins were depressed by weaker sales mix and a strong increase in costs. Wärtsilä’s Q2 guidance was disappointing, but understandable in the current turbulent market situation. Low visibility into demand and earnings drivers led us to cut our estimates for 2022-2024.