Thyssenkrupp Swings to Profit
February 09 2017 - 1:29AM
Dow Jones News
By Christopher Alessi
FRANKFURT -- German industrial conglomerate Thyssenkrupp said
Thursday it swung to a net profit for the first quarter of its
fiscal year 2017, boosted by continued growth in its capital goods
businesses.
Net profit for the period ended Dec. 31 was EUR8 million ($8.55
million), compared with a net loss of EUR23 million during the same
period a year prior, falling short of analysts' forecasts. Analysts
had predicted a net profit of EUR92 million, according to a recent
poll conducted by The Wall Street Journal.
The company's closely watched adjusted earnings before interest
and taxes climbed by 40% year-over-year to EUR329 million, a result
of steady earnings growth at the elevator and specialty auto
components units.
Over all growth was held back in part by the company's European
steel operations, which came under pressure to due to higher raw
material prices.
Sales rose by 6%, to EUR10.09 billion, helped by new elevator
installations in the U.S.
Thyssenkrupp reiterated its guidance for fiscal 2017, saying it
expects adjusted EBIT to increase to around EUR1.7 billion,
compared with EUR1.5 billion last year.
Write to Christopher Alessi at christopher.alessi@wsj.com
(END) Dow Jones Newswires
February 09, 2017 01:14 ET (06:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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