Thyssenkrupp presses on with split as profits rise

phys.org | 2/12/2019 | Staff
Caris (Posted by) Level 3
Click For Photo: https://3c1703fe8d.site.internapcdn.net/newman/gfx/news/2019/revenuestick.jpg

German industrial conglomerate Thyssenkrupp on Tuesday confirmed its earnings forecasts for the full year after increasing profits in its first quarter, while announcing a January 2020 vote on its split into two separate firms.

Net profit at the group rose 69 percent between October and December, to 136 million euros ($153 million).

Revenues - Steelmaker - Product - Range - Stretches

Revenues at the steelmaker, whose product range stretches from submarines to elevators and car parts, edged two percent higher to reach 9.7 billion euros.

Meanwhile adjusted operating profit fell 26 percent, to 333 million.

Thyssenkrupp - Markets - Growth - Drivers - Executive

"Thyssenkrupp is operating in attractive markets and our fundamental growth drivers are intact," chief executive Guido Kerkhoff said.

"But the figures also show that we have to keep pressing forward with our performance programmes in all business areas," he added.

Group - Sales - Business - Areas - Elevator

The group said increased sales across all its business areas, notably the elevator business in Europe and North America, contributed to its higher revenues.

But even the standout division saw lower profits as higher raw material costs and tariffs on materials imports into the United States made themselves felt.

Rhineland - City - Essen - Water - Levels

Based in Rhineland industrial city Essen, low water levels on the vital river artery following a hot, dry summer "severely" impacted Thyssenkrupp's steel business by slowing...
(Excerpt) Read more at: phys.org
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!