ThyssenKrupp Backs Fiscal 2014/2015 Outlook For Adj. EBIT Of At Least EUR1.5 Bln

(RTTNews) - German steel giant ThyssenKrupp AG (TYEKF.PK) Chief Executive Officer Dr. Heinrich Hiesinger on Thursday reaffirmed its outlook for fiscal 2013/2014. Hiesinger revealed this in a presentation made at the Capital Market Day for Industrial Solutions in London.

The company said it continues to expect adjusted Earnings Before Interest and Tax or EBIT, to improve to at least 1.5 billion euros in fiscal 2013/2014, with all business areas except Steel Americas generating strong EBIT contributions. The company said Steel Americas will at least make a clear improvement towards break-even EBIT.

Despite the growing uncertainty over the economic climate and limited visibility in the materials businesses, the company is confident about the prospects for ThyssenKrupp in the 2014/2015 fiscal year.

The Group's sales are also still expected to grow year-on-year by a single-digit percentage rate, on a comparable basis with a further improvement in net income from last year.

Additionally, the group sees progress in terms of cash generation, with at least break-even free cash flow before divestments in fiscal 2013/2014.

In fiscal 2013/14, EBIT, from continuing operations surged 127 percent to 1.33 billion euros, reflecting stronger performance focus and progress in implementing the measures under the impact program. Last year also all business areas except Steel Americas made clear positive contributions.

In Thursday's regular trading, ThyssenKrupp is trading in Frankfurt at 20.70 euros, down 0.20 euros or 0.94% on a volume of 3,111 shares.