Traton Says Faster Market Recovery and Cost-Savings Helped 3Q Results
October 22 2020 - 03:01AM
Dow Jones News
By Kim Richters
Traton SE said late Wednesday that it felt a
quicker-than-anticipated a market recovery in the third quarter,
which along with cost-cutting measures helped its performance and
lifted some of its main financial indicators "well above market
expectations."
The Volkswagen AG-subsidiary said adjusted operating profit for
the quarter came in at around 210 million euros ($249.1 million).
Excluding adjustments of around EUR50 million, operating profit was
around EUR160 million.
Quarterly sales for the truck maker were around EUR5.7 billion
and industrial business net cash flow was about EUR200 million for
the period.
For the first nine months of the year, Traton posted an adjusted
operating loss of around EUR10 million and sales of approximately
EUR15.7 billion. All figures are preliminary, Traton said, without
providing a year-earlier comparison.
According to previous year's statement, the truck maker made
EUR19.8 billion in revenue and an operating profit of EUR1.5
billion in the first nine months of 2019.
Traton said the coronavirus pandemic continues to significantly
affect its business and it that it expects the fourth quarter to
have "the usual year-end seasonality pattern."
However, it also anticipates "a positive impact for the
remainder of the year" due to third-quarter developments. It plans
to provide an updated outlook for 2020 and nine-months results by
Nov. 10.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
October 22, 2020 02:46 ET (06:46 GMT)
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