DUISBURG (dpa-AFX) - Klöckner & Co. (KCO), a producer-independent distributor of steel and metal products, reported that its net loss for the first-quarter of 2019 was 10 million euros, compared to net income of 21 million euros in the prior-year quarter. Loss per share were 0.10 euros, compared to earnings per share of 0.21 euros in the prior year. The latest-quarter results were impacted by negative price effects. Demand was also down, primarily due to the weakness of the European automotive sector.
Operating income or EBITDA for the first-quarter of 2019 declined to 34 million euros from 56 million euros in the previous year.
But, quarterly sales grew 4.6% to 1.7 billion euros from last year.
The company expects to generate operating income or EBITDA to be in the range of 50 million euros to 60 million euros in the second quarter and full-year EBITDA of 180 million euros to 200 million euros before significant non-recurring items, due to a negative price effects and a slowdown in demand - particularly in the automotive business.
With regard to EBITDA after significant non-recurring items, the negative impact will be mainly compensated by the sale of one site in the United Kingdom with an expected gain of more than 30 million euros, the company said.
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