Reuters: Hot Stocks: UPDATE 1-Aggreko sees 2013 revenue slide

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UPDATE 1-Aggreko sees 2013 revenue slide Dec 17th 2012, 08:35 Mon Dec 17, 2012 3:35am EST LONDON Dec 17 (Reuters) - Temporary power provider Aggreko said a reduction in military revenues in Afghanistan and uncertainty about some Japanese contracts meant its performance in 2013 was likely to be lower than in 2012. Shares in the British group plunged 16 percent after the update, as analysts moved to downgrade numbers for 2013. Aggreko said there was a weakening outlook for its international power business, which combined with headwinds from Japan, reduced military work and without the benefit of the 2012 Olympics. The company said the combination of these three items would result in 100 million pounds ($161 million) lower revenue in 2013 than in 2012. "After a year of strong growth in 2012, the economic environment we will be facing in 2013 is particularly uncertain in many of our markets," the company said. Seymour Pierce said it expected consensus for 2013 pretax profit to come down to about 355 million pounds from about 400 million. Aggreko added that its 2012 performance was in line with expectations, with earnings per share expected to grow by at least 15 percent. Link this Share this Digg this Email Reprints

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