* Q4 operating profit 60 mln DKK vs 357 mln forecast
* Expects sales to fall to 21-24 bln DKK in 2014 from 26.9
* Shares fall 8 pct in flat market
(Adds comments, details, background)
By Teis Jensen and Ole Mikkelsen
COPENHAGEN, Feb 13 Danish mining equipment maker
FLSmidth & Co A/S reported its first full-year net loss
in a decade and warned revenue would fall this year due to
cutbacks in spending by its customers.
FLSmidth, which sells gear for cutting, crushing and
transporting metal ores, and its peers have been hit by a slump
in spending by top miners such as Rio Tinto and
BHP Billiton .
The company, whose competitors include Metso,
Sandvik and Caterpillar, said it would take
two years for growth to return.
Chief Executive Thomas Schulz said 2014 would be "tough."
"2015 will be flattish. In 2016 the whole industry will be back
in growth," he said on Thursday.
Its shares were 8 percent lower at 1207 GMT compared with an
unchanged main Danish market.
FLSmidth said it expected revenue to fall to between 21
billion and 24 billion Danish crowns ($4.4 billion) this year
from 26.9 billion in 2013.
Orders fell by 8 percent in the fourth quarter of last year
to 5.62 billion crowns, well below the 6.36 billion forecast by
analysts in a Reuters poll..
Sydbank analyst Jacob Pedersen said the order intake was
significantly lower than expected and the outlook for 2014 was
poor. "This is definitely not good news," he said.
FLSmidth, which cut more than 1,200 jobs last year, posted a
2013 net loss of 784 million crowns compared with a net profit
of 1.3 billion crowns in 2012. It was the company's first
full-year net loss since 2003.
The company proposed a sharp cut in its dividend to 2
crowns per share for 2013 from 9 crowns in each of the last
Operating profit fell to 60 million Danish crowns in the
fourth quarter from 796 million a year ago and was well below an
average forecast for 357 million in a Reuters poll.
A Thomson Reuters StarMine SmartEstimate, which puts more
weight on the most recent estimates and the most accurate
analysts, had predicted a significantly lower result than the
consensus forecast (tmsnrt.rs/1ooy8lo)
In December, FLSmidth cut its 2013 earnings outlook by more
than 10 percent after it lost an arbitration case against Danish
construction firm MT Hoejgaard about delays to building
a cement plant in Buxton in northern England in 2004
($1 = 5.4913 Danish crowns)
(Editing by Erica Billingham)