Thyssenkrupp 1Q Profit Rose; Gives Update on Restructuring
February 12 2019 - 1:32AM
Dow Jones News
By Nathan Allen
Thyssenkrupp AG (TKA.XE) said Tuesday that net profit rose in
the first quarter of its fiscal year, and provided an update on the
planned separation of its businesses.
The steel-and-technology company said net profit in the
October-December period rose nearly 70% to 136 million euros
($153.7 million) from EUR81 million a year earlier.
In the year-earlier period Thyssenkrupp's earnings took a hit
from the effects of U.S. tax reforms.
Sales edged up to EUR9.74 billion from EUR9.54 billion, while
orders rose 8% to EUR10.11 billion, the company said.
Thyssenkrupp said the separation of its businesses into two
separate companies is fully on schedule and the two companies are
set to begin operations in October.
General and administrative costs for both companies should be
below EUR300 million in FY21, the company said.
Thyssenkrupp confirmed its financial forecasts for the current
fiscal year but warned economic and political uncertainties are
growing.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
February 12, 2019 01:17 ET (06:17 GMT)
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