Luvata cuts outlook but optimistic on US, China
Apr 10, 2013 | 12:40 PM
| Andrea Hotter
SANTIAGO, Chile Global copper fabricator Luvata has lowered its expectations for 2013 sales but remains uncertain how the rest of the year will play out, given signs of optimism from the United States and China, president and chief executive officer John Peter Leesi said.
The company routinely compiles a "market drivers" assessment from various data and customer conversations, weighted by the 40-percent exposure Luvata has to Asia, plus 30 percent to each of Europe and the United States, Leesi told AMM in an interview.
"We saw our addressed market and customer businesses could grow 3.5 percent in 2013, but we have since taken that number down due to developments at the end of 2012 and in 2013," he said.
"China hasnt recovered as expected and there is no improvement in Europe. The U.S. is actually better than expected, but on balance, weve taken down our expectation to 2.5 percent. Our first quarter sales are roughly flat compared with last year, but our order book is coming in reasonably well, so we dont know where well end the yearthe jury is out." ....
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