Thyssenkrupp Swings to Profit in 2Q on Strong Steel Prices
May 15 2018 - 1:29AM
Dow Jones News
By Nathan Allen
Thyssenkrupp AG (TKA.XE) said Tuesday it swung to a profit in
the second quarter thanks in part to strong steel prices, which
boosted earnings at the group's materials business.
Net profit for the quarter ended March 31 was 243 million euros
($290.1 million), compared with a loss of EUR879 million a year
earlier, the industrial group said.
The loss in 2017 was largely due to a EUR900 million writedown
stemming from the sale of Thyssenkrupp's Brazilian operations.
Net sales slipped 2% to EUR10.75 billion, while orders dropped
12% to EUR10.50 billion, the company said.
Adjusted earnings before interest, taxes, depreciation and
amortization climbed 17% to EUR500 million, Thyssenkrupp said.
The group confirmed its forecast for 2018 and said it expects a
final board decision on the proposed merger of its European steel
business with Tata Steel Ltd. (500470.BY) in the first half of
2018.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
May 15, 2018 01:14 ET (05:14 GMT)
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