Alstom, a French multinational company reported a sales growth that beat analysts’ expectations amid demand from France and Germany. Revenue rose 8 percent to 1.6 billion euros ($1.7 billion) in the three months through June, the company said in a statement on Monday.

The average estimate given by analysts in a Bloomberg survey was for 1.53 billion euros. It was found that the company’s quarterly orders fell 59 % to 1.96 billion euros from a year earlier, when it booked a record 4-billion euro contract in South Africa.

Gael de Bray, an analyst at SocieteGenerale, said in a research note that orders nevertheless remain at a healthy level. SocieteGenerale had estimated 1.23 billion euros of contracts for the quarter.

Lats year, Alstom agreed to sell its energy units to GE in a 12.4 billion-euro deal, saying that it lacked the critical size to survive the slowing demand for power plants in Europe and rising competition.

GE on July 17 stated that it has offered concessions to the European Union in a bid to allay concern that the deal would squelch competition.

Alstom Chief Executive Officer Patrick Kron, said, “The process for competition and regulatory authorizations is ongoing and we are actively working to complete it. After closing, we plan to call a shareholders’ meeting to vote on the amount of cash proceeds to be distributed to shareholders”.

Alstom plans to use the proceeds of the sale to expand its rail division, create energy ventures with GE and buy back debt as well as 3.5 billion euros to 4 billion euros of its shares.

According to SocieteGenerale’s de Bray, who predicts the buyback may be at 35 euros for each share, the cash return to shareholders may be at the low end of the range.