The minerals division, which accounts for roughly 69% of group activity, reported a sharp decline in momentum. Quarterly orders for the unit dropped to 477 million pounds, down from 570 million pounds in the second quarter. Within this segment, original equipment orders fell to 118 million pounds, while aftermarket demand slid to 359 million pounds.
In section Market Quotes
Weir Group Shares Slide as Mining Equipment Orders Stall
Shares in engineering firm Weir Group tumbled 7.6% on Wednesday, hitting 24.30 pounds, after the company confirmed that several major mining equipment orders have been pushed into the fourth quarter. The decline marks a difficult stretch for the stock, which has now shed 15% of its value since January.
Analysts at Jefferies labeled the figures lackluster, noting that the company currently lacks the near-term catalysts necessary to outperform its peers. Despite the volatility, newly appointed CEO Andrew Neilson maintained that the business remains aligned with full-year market expectations. Neilson, who took the helm on August 1 following Jon Stanton's decade-long tenure, cited a supportive commodity environment but acknowledged that geopolitical headwinds are creating friction in the short term. The firm is currently tracking toward a consensus revenue target of 2.77 billion pounds for the year.
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