thyssenkrupp: a better outlook sends shares higher
(CercleFinance.com) - thyssenkrupp raised its full-year outlook on Wednesday, saying that it has made a "good start" to the new fiscal year, as the German company started to see the inklings of an economic recovery.
The industrial group said sales in the period from October to December fell to 7.3 billion euros, from 7.6 billion euros the year before, while its adjusted EBIT rose to 78 million dollars, significantly above the previous year's loss of 185 million euros.
thyssenkrupp raised its earnings forecast, saying it now expects almost break-even in terms of adjusted EBIT for fiscal year 2020/2021, up from a loss "in the mid three-digit million euro range" previously.
The announcement helped ease investor concerns about the company's financial performance, with the group saying its cost-cutting measures are "starting to bear fruit."
"We've posted positive results, but we're not out of the woods yet," CEO Martina Merz warned, however.
The report was warmly welcomed by investors, though, with the shares rising almost 7% in late morning trading.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The industrial group said sales in the period from October to December fell to 7.3 billion euros, from 7.6 billion euros the year before, while its adjusted EBIT rose to 78 million dollars, significantly above the previous year's loss of 185 million euros.
thyssenkrupp raised its earnings forecast, saying it now expects almost break-even in terms of adjusted EBIT for fiscal year 2020/2021, up from a loss "in the mid three-digit million euro range" previously.
The announcement helped ease investor concerns about the company's financial performance, with the group saying its cost-cutting measures are "starting to bear fruit."
"We've posted positive results, but we're not out of the woods yet," CEO Martina Merz warned, however.
The report was warmly welcomed by investors, though, with the shares rising almost 7% in late morning trading.
Copyright (c) 2021 CercleFinance.com. All rights reserved.