Thyssenkrupp posts record orders on elevators, components
Essen, Germany: German engineering and steel group Thyssenkrupp posted its highest order intake in five years on Thursday, boosted by record demand for its elevators and components for the car and construction sectors.
Order intake rose 18% to €44.29 billion ($52.34 billion) in the group’s 2016/17 financial year. Adjusted earnings before interest and tax (EBIT) reached €1.91 billion, beating the €1.73 billion forecast in a Reuters poll.
“We achieved our best order intake since the start of the Strategic Way Forward. We exceeded our growth and earnings targets,” chief executive Heinrich Hiesinger said in a statement.
Hiesinger aims to transform Thyssenkrupp into a technology group and is slowly cutting ties to its traditional steelmaking business, whose roots go back more than 200 years, after a recent merger deal with Tata Steel.
Instead, the group is banking on its elevators unit, its most profitable, as well as demand for its parts from the car sector, its single biggest customer group that accounts for about a quarter of group sales.
Thyssenkrupp, which recommended an unchanged dividend of €0.15 per share for the 2016-17 financial year, said adjusted EBIT would reach €1.8-2.0 billion in the current year. Analysts, on average, expect €2.03 billion. Reuters
- Ikea India to invest as much as Rs4,000 crore in Maharashtra
- Global smartphone sales see first decline since 2004: Gartner report
- Supreme Court rejects Essar’s plea against Hazira port expansion
- HDFC Property Fund aims to raise $500 million from overseas investors
- Essar Oil seeks loans from traders as banks fear Russian links