Germany-based steelmaker ThyssenKrupp has announced its financial results for the first nine months of the fiscal year 2014-15, ending on June 30, stating that it is on track to meet full year targets, expecting a clear improvement in adjusted EBIT, net income and free cash flow.
In the given period, ThyssenKrupp registered a net profit of €279 million, increasing by 15.3 percent compared to the corresponding period of the previous year. Meanwhile, ThyysenKrupp's adjusted EBIT from continuing operations increased by 33.4 percent year on year to €1.26 billion.
During the given period, ThyssenKrupp's order intake amounted to €31.1 billion, rising 0.32 percent, while the company's sales revenue increased by seven percent to €32.2 billion, both year on year.
In the first nine months, the company's Steel Europe division reported a drop in business in the first nine months, mainly due to lower prices. The sustained weakness of steel prices, mainly due to much lower raw material prices, continued to impact business, while volumes returned to normal after the turn of the year following the temporary bottlenecks in the first quarter. Steel Europe's order intake in the given period decreased by five percent to €6.5 billion, with sales revenues declining by two percent to €6.5 billion, both compared to the corresponding period of the previous financial year.
The order intake of the company’s Steel Americas division in the first nine months decreased 11 percent to €1.4 billion, while its sales revenues declined by eight percent to €1.4 billion, both compared to the same period of the previous financial year.