ThyssenKrupp’s order intake, sales and adjusted EBIT improved in 3Q and the first 9 months, thereby meeting or exceeding the group’s targets. This has been attributed to efficiency gains, growth of the capital goods businesses and the significant improvement of Steel Americas.
In the first 9 months ThyssenKrupp’s net income reached €243 million, compared to a net loss of €527 million the previous year. During 3Q, ThyssenKrupp achieved net income of €39 million. Order intake from continuing operations increased by 5% y/y to €31.1 billion in the 9 month period, and rose by 8% y/y in 3Q (€10.2 billion). Sales from continuing operations were higher in all business areas apart from Steel Europe, growing to €30.1 billion and €10.7 billion in the 9 months and 3Q, respectively. Meanwhile, an adjusted EBIT from continuing operations of €953 million was reported for the first 9 months, up 120% y/y. Adjusted EBIT for 3Q rose from €136 million to €398 million.
The Industrial Solutions business recorded a 3% y/y increase in order intake (€4.5 billion) for the first 9 months, as well as an 11% y/y rise in sales (€4.5 billion). Adjusted EBIT was up 18% y/y to €562 million.
“We are making good progress on our path to becoming a new, integrated and more performance-focused ThyssenKrupp. For seven quarters we have continuously increased our earnings through our own efforts,” noted Dr Heinrich Hiesinger, CEO of ThyssenKrupp AG. “We are moving in the right direction, our strategy is working, and our operating measures are clearly taking effect.” ThyssenKrupp’s Executive Board is optimistic for the full year 2013/2014, with adjusted full year EBIT now forecast to double (previously €586 million).
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/europe-cis/14082014/thyssenkrupp-reports-positive-results-291/