Thyssenkrupp Profit Down 34% From Last Year
August 11 2016 - 1:29AM
Dow Jones News
By Christopher Alessi
FRANKFURT -- German industrial conglomerate Thyssenkrupp AG
reported a 34% slide in net profit for the third quarter of its
fiscal 2016, weighed down by drops in global steel and material
prices from a year ago.
Net profit for the period ended June 30 was EUR130 million,
compared with EUR199 million during the same period last year,
slightly beating analysts' forecast. Analysts had predicted a net
profit of EUR128 million, according to a recent poll conducted by
The Wall Street Journal.
Sales fell by 12%, to EUR9.87 billion, while the company's
closely watched adjusted earnings before interest and taxes fell by
18% to EUR441 million, both a result of weakness in the materials
markets.
However, Thyssenkrupp's third-quarter results were a significant
improvement over with the previous quarter, reflecting relative
improvement in global steel prices and more stable raw materials
markets.
Based on those macroeconomic developments, Thyssenkrupp
reiterated its guidance for the full fiscal year, saying it expects
adjusted EBIT to be "at least" EUR1.4 billion.
Write to Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
August 11, 2016 01:14 ET (05:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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