Thyssenkrupp Swung to a Loss in 3Q, Sets New Division Targets
August 09 2018 - 1:42AM
Dow Jones News
By Nathan Allen
Thyssenkrupp AG (TKA.XE) said Thursday that it swung to a loss
in the third quarter and set new mid-term earnings and sales
targets for its units.
The German industrial conglomerate posted a group net loss of
131 million euros ($152.0 million) compared with a net profit of
EUR120 million a year earlier.
Thyssenkrupp said the loss was partly due to a tax hit relating
to the signing of the joint venture with Tata Steel Ltd.
(500470.BY).
Sales edged up 2% to EUR11.12 billion from EUR10.93 billion,
while total orders were EUR10.89 billion, up 1% on year, the
company said.
"The bottom line is, that we are not satisfied with the current
results," said interim Chief Executive Guido Kerkhoff.
The group said it targets free cash flow before mergers and
acquisitions of at least EUR1 billion by the 2021 fiscal year and
set detailed targets for its individual units in an effort to
achieve this goal.
Elevator technology--the group's most profitable unit--is set to
post earnings before interest and taxes of EUR1 billion by 2021,
with a margin of over 13%.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
August 09, 2018 01:27 ET (05:27 GMT)
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