* Q1 EBITA 22 mln eur vs Rtrs poll 29.4 mln
* Output volume 1.88 bln eur vs Rtrs poll 1.92 bln
* Sees output volume of 8 bln eur for 2014, higher earnings
* Shares up 3.8 pct
(Adds forecast, industry details)
By Marilyn Gerlach
FRANKFURT, May 8 German engineering and services
company Bilfinger SE posted a steeper-than-expected
drop in core quarterly earnings on lower demand for its
industrial and power businesses, but forecast cost cuts would
boost earnings later this year.
Its shares - which had fallen the previous session to their
lowest since early February - rose 3.8 percent to 87.21 euros by
Bilfinger said on Thursday earnings before interest, tax and
amortization (EBITA) fell 56 percent to 22 million euros ($30.6
million), missing the average analyst estimate in a Reuters poll
of 29.4 million.
Bilfinger is shifting away from building roads and bridges
to focus on services such as designing and maintaining plants
for the oil and gas, petrochemicals, pharmaceuticals and food
and beverage industries.
It is on an acquisition spree to grow the new businesses,
while hiving off assets vulnerable to cyclical swings. It said
late on Wednesday it plans to sell large parts of its
First-quarter output volume rose 1 percent to 1.88 billion
euros, missing the average estimate of 1.92 billion.
But Bilfinger said output volume will increase to at least 8
billion euros in 2014, up from 7.7 billion last year, excluding
construction operations which are up for sale.
An expected increase in output volume in the remainder of
the year as well as cost cuts would result in an significant
gain in 2014 adjusted EBITA, it added.
($1 = 0.7183 Euros)
(Editing by Thomas Atkins and David Holmes)