.png?lang=en-US&ext=.png)
ThyssenKrupp Confirms Lower 1st Quarter Results
01/21/2008 - ThyssenKrupp AG reports first-quarter earnings will be lower than year-earlier results, which were boosted by exceptionally strong demand and very high base prices for stainless steel.
ThyssenKrupp AG reports that earnings before major nonrecurring items will be around €700 million in the first quarter, as confirmed by available initial figures. As expected, results represent a decrease compared to year-earlier results, which were boosted by exceptionally strong demand and very high base prices for stainless steel —factors that were absent this quarter in the Stainless and Services segments.
ThyssenKrupp is ahead of budget in the first quarter and fully in line with its planning for the current fiscal year. The company also confirms its forecast for the current fiscal year 2007/2008 and—if the economy behaves as expected—anticipates a positive performance overall in 2007/2008 and 2008/2009.
“For the current fiscal year, the Executive board expects sales of €53 billion and earnings before taxes and major nonrecurring items, including start-up costs for the steel mills in Brazil and the USA, of over €3 billion,” said Executive Board Chairman Ekkehard Schulz.
“Our mid-term sales target is €60 billion,” said Ekkehard Schulz, “while our sustainable goal for earnings before taxes and major nonrecurring items is €4 billion. In the longer term— especially after the startup of the steel mills of Steel and Stainless in North America and the investments of the other segments in other regions—our sales target is in the region of €65 billion and our target for earnings before taxes and major nonrecurring items is €4.5 billion – €5.0 billion.”
