Thyssenkrupp posts net sales of €10.8B, beats expectations

Thursday, 08. August 2019 07:29

ThyssenKrupp AG said on Thursday its net sales were at €10.8 billion in its third fiscal quarter, and adjusted earnings before income and taxes came in at €226 million. The company said it will aim to reduce administrative costs and it will start working under a different structure in 2020. It added that the new ThyssenKrupp, or "newtk" as the company refers to it, will function on three principles: "performance first," "flexible portfolio" and "efficient organization," a press release showed.

In the first nine months of the fiscal year, sales rose 1% to €31.2 billion and the firm attributed the slower growth to weaker global sentiment, especially pressures on the auto and steel industries. ThyssenKrupp also reported a net loss of €170 million in its first three quarters which compares to earnings of €229 million. The loss per share was €0.33, compared to earnings per share of €0.30 in the same period last year.

Guido Kerkhoff, CEO of ThyssenKrupp, said: "In view of the increasing economic headwind, we changed direction in good time and are pressing ahead forcefully with the restructuring of ThyssenKrupp. The focus of the first phase is on the structural stabilization of the businesses, which will also require an efficient leadership and organizational model. With this we are preparing the groundwork so that in the second phase we can position our businesses for long-term profitable growth."

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