Marine segment pushed ST Engineering's profits up 5.8%

Order book inched up to $13.4b.

According to OCBC Investment Research, ST Engineering (STE) reported its 1Q14 results this morning, with revenue coming in at S$1551.8m, +0.5% YoY, and met 22% of COCB's FY14 forecast; higher marine revenue was largely offset by lower revenue from the Electronics and Land Systems sectors, while Aerospace had comparable revenue.

Nevertheless, profit before tax climbed 5.8% to S$167.9m, led by higher PBT from the Marine sector.

Here's more:

NPAT increased 2.4% to S$137.2m, or about 22% of our full-year forecast. Going forward, STE expects to achieve comparable revenue and PBT in 1H14 as that of 1H13; also expects to achieve higher revenue and PBT for FY14 over FY13.

Order book inched up from S$13.2b (as of end 2013) to S$13.4b as of end-1Q, and STE expects to deliver S$3.3b of orders in the rest of 2014. We will have more after the analyst briefing later.

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