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UPDATE 1-Thyssenkrupp raises outlook again as global recovery takes hold
7:18
Now expects adj EBIT in mid triple-digit mln eur range
CEO: Still lots of work to do
Steel unit Q1 adj EBIT at 47 mln eur
(Adds CEO comment, details)
FRANKFURT, May 11 (Reuters) - German conglomerate
Thyssenkrupp on Tuesday raised its full-year outlook
for the second time in three months, boosted by a global
economic recovery that drove demand for steel, car parts and
materials.
The group now expects adjusted earnings before interest and
tax to reach a mid triple-digit million euro amount in the year
to September, having previously forecast to almost break even.
The submarines-to-bearings maker is emerging from years of
crisis during which it lost two CEOs, warned on profits numerous
times and sold its elevators division - its crown jewel - to
private equity.
"But we also know that we still have a lot of work to do. So
we're not sitting back. The realignment of Thyssenkrupp remains
a journey of many small steps - and we're taking those steps,"
Chief Executive Martina Merz said.
The group's steel division, Europe's second-largest after
ArcelorMittal , swung to adjusted earnings before
interest and tax of 47 million euros, compared with a 181
million euro loss in the same period last year.
Thyssenkrupp is considering spinning off the division after
several attempts to merge or sell it, including to Britain's
Liberty Steel, have failed.
7:18
Now expects adj EBIT in mid triple-digit mln eur range
CEO: Still lots of work to do
Steel unit Q1 adj EBIT at 47 mln eur
(Adds CEO comment, details)
FRANKFURT, May 11 (Reuters) - German conglomerate
Thyssenkrupp on Tuesday raised its full-year outlook
for the second time in three months, boosted by a global
economic recovery that drove demand for steel, car parts and
materials.
The group now expects adjusted earnings before interest and
tax to reach a mid triple-digit million euro amount in the year
to September, having previously forecast to almost break even.
The submarines-to-bearings maker is emerging from years of
crisis during which it lost two CEOs, warned on profits numerous
times and sold its elevators division - its crown jewel - to
private equity.
"But we also know that we still have a lot of work to do. So
we're not sitting back. The realignment of Thyssenkrupp remains
a journey of many small steps - and we're taking those steps,"
Chief Executive Martina Merz said.
The group's steel division, Europe's second-largest after
ArcelorMittal , swung to adjusted earnings before
interest and tax of 47 million euros, compared with a 181
million euro loss in the same period last year.
Thyssenkrupp is considering spinning off the division after
several attempts to merge or sell it, including to Britain's
Liberty Steel, have failed.
