ThyssenKrupp surprises with EBIT leap of one-third

August 17 02:51 2015

German industrial group ThyssenKrupp reported a jump of more than a third in its adjusted operating profit, driven by its elevators and European steel units and beating expectations.

Adjusted earnings before interest and tax (EBIT) rose 37 percent to 539 million euros ($602 million) in ThyssenKrupp’s third quarter, above the highest estimate in a Reuters poll and easily beating the average of 491 million euros.

European and U.S. steel groups have been feeling the pinch from cheaper steel exported from China. ThyssenKrupp’s chief financial officer, Burkhard Lohr, told CNBC that while the company was seeing more exports from China, “for us most important is the European market,” adding that the company was looking to offset the cheaper exports by improving the efficiency of its business.

“The further earnings improvement reflects the progress we have made in implementing measures to increase efficiency,” chief executive Heinrich Hiesinger said on Thursday.

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