Wärtsilä reported consolidated earnings results for the fourth quarter and full year ended December 2014. Net sales for the fourth quarter increased by 10% to EUR 1,549 million against EUR 1,403 million compared to the corresponding period last year. The fourth quarter operating result (EBIT) before non-recurring items was EUR 196 million against EUR 211 million, or 12.7% of net sales (15.0). Compared to 2013, fourth quarter profitability was on a lower level due to an unfavourable business mix and a more stable quarterly development throughout the year. Wärtsilä's fourth quarter cash flow from operating activities amounted to EUR 212 million against EUR 317 million a year ago.

Net sales for January-December 2014 increased by 4% to EUR 4,779 million against EUR 4,607 million, which is in line with the guidance of around 5% growth. For the review period January-December 2014, the operating result (EBIT) before non-recurring items was EUR 569 million against EUR 557 million a year ago period. This represents 11.9% of net sales (12.1), which is at the upper end of the guided 11.5-12.0% range. For January-December 2014 the operating cash flow totaled EUR 452 million against EUR 578 million a year ago period. Wärtsilä had interest-bearing debt totaling EUR 666 million against EUR 665 million at the end of December 2014. Capital expenditure for 2014 was below depreciation and amortisation, in accordance with expectations. Gross capital expenditure for continuing operations totaled EUR 95 million against EUR 121 million during the review period, comprising EUR 2 million against EUR 5 million in acquisitions and investments in securities, and EUR 93 million against EUR 116 million in intangible assets and property, plant and equipment. Gross capital expenditure related to intangible assets and property, plant and equipment from discontinued operations was EUR 6 million against EUR 13 million. Profit before taxes was EUR 494 million against EUR 544 million a year ago. Profit for the financial period from the continuing operations was EUR 389 million or EUR 1.95 basic and diluted per share against EUR 425 million or EUR 2.15 basic and diluted per share a year ago. Net profit attributable to equity holders of the parent company was EUR 347 million or EUR 1.76 basic and diluted per share against EUR 391 million or EUR 1.98 basic and diluted per share a year ago. Cash flow from operating activities was EUR 452 million against EUR 578 million a year ago. Investments in available-for-sale financial assets were EUR 1 million against EUR 4 million a year ago. Investments in property, plant and equipment and intangible assets were EUR 99 million against EUR 129 million a year ago.

Capital expenditure for 2015 is expected to be in line with depreciation and amortisation.