Glaston Corp. grew its net sales by 8 percent in the fourth quarter of 2016 due to an uptick in machine deliveries, the company announced in its most recent financial report. Glaston recorded EUR 35.1 million ($37.2 million) in sales from October-December.
“In the fourth quarter, the glass processing machine market picked up and, advancing cautiously, the year ended strongly,” Glaston president and CEO Arto Metsanen said in the report.
For the entire year, the company saw a 13-percent decrease in net sales, totaling EUR 107.1 million ($113.4 million). Metsanen said the “lower net sales than the previous year and cost overruns associated with customer projects reduced earnings,” while “cost-saving measures implemented during the year had a positive effect on earnings.”
Glaston’s order book at the end of 2016 was EUR 45.6 million ($48.3 million), up from EUR 38.5 million ($40.8 million) a year ago.
“A higher order book than the previous year, positive market development and the cost-saving measures undertaken create good conditions for the development of operations in 2017,” the report reads. “For the first quarter, a relatively small number of deliveries are scheduled, as a result of which the comparable operating result for the period is expected to be lower than the corresponding period a year earlier.”