DUISBURG (dpa-AFX) - Thyssenkrupp AG (TYEKF.PK), a diversified industrial and technology group, on Thursday reported a significant improvement in third-quarter results, supported by higher sales, stronger operating performance and positive one-off effects. The company also raised the lower end of its full-year profit outlook.
Net income attributable to thyssenkrupp shareholders improved to break-even, compared with a loss of 278 million euros, or 0.45 euro per share, a year earlier.
The improvement included a 407 million-euro impairment reversal related to the sale of thyssenkrupp's stake in Hüttenwerke Krupp Mannesmann, or HKM, as well as a 131 million-euro positive accounting effect at Steel Europe from the transaction. Operational profit also improved at Steel Europe, Materials Services and Marine Systems.
Profit before tax was 104 million euros, compared with a loss of 53 million euros in the year-earlier quarter. EBIT swung to a profit of 222 million euros from a loss of 52 million euros, while adjusted EBIT increased 18% to 183 million euros from 155 million euros.
EBITDA, however, declined 72% to 61 million euros from 219 million euros, primarily reflecting significant restructuring costs and special items across segments, as well as lower earnings at Decarbon Technologies and Automotive Technology.
Sales increased 8% to 8.786 billion euros from 8.151 billion euros in the prior-year quarter.
Meanwhile, order intake declined 24% to 7.723 billion euros from 10.145 billion euros, mainly reflecting substantial order extensions received by Marine Systems in the year-earlier quarter.
Looking ahead, thyssenkrupp raised the lower end of its full-year profit outlook. The company now expects adjusted EBIT of 600 million euros to 900 million euros, compared with its previous range of 500 million euros to 900 million euros. The forecast for net income was narrowed to a loss of 400 million euros to 700 million euros, from the previous range of 400 million euros to 800 million euros. Sales are now expected to decline 1% to 3% year-on-year, compared with the previous forecast of a 0% to 3% decline.
Thyssenkrupp shares rose 3.08% before closing at 12.40 euros on Xetra on Wednesday.
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