2/12, 7:19 AM (Source: TeleTrader)
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ThyssenKrupp lifts profit by 67.9% to €136M

ThyssenKrupp AG said it earned €0.22 per share in its first quarter, ended on December 31, translating to a gain of 69.2% in annual terms. The numbers released on Tuesday showed a rise in sales of 2% to €9.74 billion and net income attributable to shareholders of €136 million, which is 67.9% more than in the same period of 2017.

The giant steel group is on track to split into ThyssenKrupp Industrials and ThyssenKrupp Materials, both "leaner, faster and better," in the words of chief executive Guido Kerkhoff. The company is separating elevators, the automotive division and plant engineering by the end of the fiscal year from the unit that includes the marine business, forging and bearings.

Net debt grew 31.2% to €4.68 billion and free cash flow came in at a negative €2.48 billion or 61.4% above the level from one year before. The widely watched order intake grew 7.6% to €10.11 billion. The outlook for adjusted earnings before interest and taxes was set at above €1 billion in the current fiscal year, against €706 million through last September.

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