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voestalpine adjusts earnings expectation for business year 2018/19

Steel News - Published on Thu, 17 Jan 2019

Image Source: leitbetriebe.at
voestalpine announced that the preliminary earnings figures for the first nine months of the business year 2018/19 with an EBITDA of around EUR 1.1 billion and an EBIT of around EUR 525 million are below market expectations. This is due, on the one hand, to a significantly higher impact on earnings from the ramp-up of automotive activities in voestalpine Automotive Components Cartersville, USA, as well as related one-off effects from provisions due to external transfers of orders. In addition, a provision was necessary for possible adverse effects on the net assets, financial position and results of operations of the voestalpine Group in connection with a pending investigation by the German Federal Cartel Office against steel producers on suspicion of anti competitive practices in the past in the market for heavy plates

Due to lower earnings for the first nine months and a further expected economic slowdown in the last fiscal quarter, the Management Board of voestalpine adjusted the earnings forecast for the full business year 2018/19 and as of now expects an EBITDA of approximately EUR 1.55 billion and an EBIT of approximately EUR 750 million.

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Posted By : Ratan Singh on Thu, 17 Jan 2019
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