Weir shares fall as some orders decline and warns of headwinds

Shares in Weir PLC fell on Wednesday morning in London, after the engineering firm said orders fell in one of its business lines and warned about short-term headwinds against its financial performance.

Weir is a Glasgow, Scotland-based provider of engineering services for mining and infrastructure. Its shares were down 7.5% to 2,434.00 pence on Wednesday morning in London. They are down 15% over the past 12 months.

Shore Capital said the Weir update was in line with expectations, and the broker maintained its hold rating on the stock. Davy similarly said it will leave its forecast for Weir unchanged following the third-quarter numbers.

Weir reported third-quarter organic order growth of 5% year-on-year, including 4% growth in its key Minerals division. Original equipment orders within Energy Services Co declined by 26% on an organic basis, though ESCO orders grew by 8% organically in total, including 10% growth in Aftermarket orders.

Total group orders were £687 million in the third quarter, up 11% from £618 million a year before, though down 9.8% from £762 million in the second quarter.

Weir said underlying demand remains good as mining customers continue to drive production, with positive mining market conditions and strong demand across its core commodity exposures. It said it has a strong orderbook.

Weir said it remains confident in its medium- and long-term value creation opportunities but warned that specific geopolitical events could create shorter-term headwinds.

"Our performance in the third quarter reflects good underlying momentum in our core mining markets, with customers looking to maximise production in a supportive commodity environment," said Chief Executive Officer Andrew Neilson, who took over as CEO at the start of August, having lead Weir's largest division, Minerals.

"In my first three months as CEO, I am encouraged by our customers’ appetite to expand their partnerships with Weir across their operations to deliver the growth in production and efficiency improvements they need."

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