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ThyssenKrupp profit runs back in the black
By Matt Moore |
February 13, 2010, Saturday
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Print Edition
Print Edition
GERMAN steel maker ThyssenKrupp AG said yesterday that net profit in the three months through December dipped 2.4 percent from a year earlier, as a drop in sales prices offset a rise in shipped volumes, but forecast that demand would continue to improve this year.
The company, based in Duesseldorf, earned 164 million euros (nearly US$225 million) in its fiscal first quarter, compared with 168 million euros a year earlier.
Despite the drop, the figure beat analysts' estimates and it was the first time that the company was in the black since the end of December 2008, having faced restructuring charges and the effects of the global economic downturn on the steel industry.
Revenue fell 19 percent to nearly 9.4 billion euros, compared with 11.5 billion euros in the final three months of 2008, though the company said that demand by car makers was better than expected and higher shipping volumes offset lower steel prices.
Investors were buoyed by the better-than-expected results, sending ThyssenKrupp shares up 3.5 percent to 23.13 euros in Frankfurt trading.
Looking ahead, ThyssenKrupp said it expected growth to be about 1.5 percent through 2010, and noted that while the prospects for the global steel market "remained subdued," demand would be better than 2009 as companies restock.
The company, based in Duesseldorf, earned 164 million euros (nearly US$225 million) in its fiscal first quarter, compared with 168 million euros a year earlier.
Despite the drop, the figure beat analysts' estimates and it was the first time that the company was in the black since the end of December 2008, having faced restructuring charges and the effects of the global economic downturn on the steel industry.
Revenue fell 19 percent to nearly 9.4 billion euros, compared with 11.5 billion euros in the final three months of 2008, though the company said that demand by car makers was better than expected and higher shipping volumes offset lower steel prices.
Investors were buoyed by the better-than-expected results, sending ThyssenKrupp shares up 3.5 percent to 23.13 euros in Frankfurt trading.
Looking ahead, ThyssenKrupp said it expected growth to be about 1.5 percent through 2010, and noted that while the prospects for the global steel market "remained subdued," demand would be better than 2009 as companies restock.
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