By Joshua Kirby
Voestalpine AG said Tuesday that revenue and earnings fell in the first nine months of the fiscal year compared with the same period the previous year, but that performance began to recover in the latter part of the period.
The Austrian steelmaker said revenue was down 17% on year, falling to 8 billion euros ($9.64 billion) from EUR9.6 billion previously. Earnings before interest, taxes, depreciation and amortization were EUR683 million from EUR837 million the prior year, while the company made a loss before interest and taxes of EUR134 million, widening from EUR82 million previously as a result of impairment losses.
The company's after-tax loss was EUR159 million, similar to the previous year.
The first quarter of the year saw a "massive meltdown" across segments and regions, but there was recovery from the second quarter, especially in the automotive sector, Voestalpine said.
"Positive market signals notwithstanding, it remains to be seen how the future course of the Covid-19 pandemic will affect the global economy," Herbert Eibensteiner, chairman of Voestalpine's management board, said.
The company said it expects Ebitda of around EUR1 billion for the full year 2020/2021, toward the upper end of the range previously guided for.
Write to Joshua Kirby at firstname.lastname@example.org; @joshualeokirby
(END) Dow Jones Newswires
February 09, 2021 02:14 ET (07:14 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.