Thyssenkrupp Swung to a Loss in 2017 on Brazil Charges
November 23 2017 - 1:29AM
Dow Jones News
By Nathan Allen
Germany's Thyssenkrupp AG (TKA.XE) on Thursday said it swung to
a loss in fiscal 2017, largely due to charges relating to the sale
of its Brazilian operations in September.
The steelmaker's net loss for the year ended Sept. 30 was 649
million euros ($767.4 million), compared with a net profit of
EUR296 million profit a year earlier.
Thyssenkrupp attributed the loss to a roughly EUR900 million
writedown stemming from the sale of its Brazilian steel business,
CSA.
However, the company said its adjusted earnings before interest
and taxes rose 30% to EUR1.91 billion, comfortably exceeding a
consensus forecast of EUR1.74 billion compiled by Factset.
Net sales for the group rose 9.4% to EUR42.97 billion, buoyed by
strengthening steel prices.
The company said its efficiency improvement program--known as
Impact--contributed EUR930 million to Ebit, outstripping the yearly
target of EUR850 million.
For the 2018 fiscal year, the company now expects an adjusted
Ebit of between EUR1.8 billion and EUR2 billion, and net income of
more than EUR271 million. The steelmaker also expects to generate
positive free cash flow before mergers and acquisitions.
Thyssenkrupp's executive and supervisory boards are proposing a
dividend of EUR0.15 a share, unchanged from a year earlier.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 23, 2017 01:14 ET (06:14 GMT)
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