ThyssenKrupp's FY net income surges to €9.6B

Thursday, 19. November 2020 07:06

German industrial conglomerate ThyssenKrupp AG posted net income at €9.6 billion for the full fiscal 2019/2020, marking a jump from a net loss of €260 million recored last year. Meanwhile, the company's revenue landed at €28.9 billion, declining 15% year-over-year to miss analysts' expectations.

Diluted earnings per share skyrocketed to €15.4 from €0.49 recorded in the previous fiscal year, while order intake plunged 17% on an annual basis to €28.2 billion. In order to weather the coronavirus crisis, ThyssenKrupp will cut a total of 11,000 jobs with 7,400 jobs to be reduced over the next three years, the statement said.

"Despite the headwind, we have achieved important milestones in the transformation of the group. In particular, our strengthened balance sheet gives us the flexibility to systematically implement further necessary steps in our plan for the future of ThyssenKrupp. But: we’re not yet where we need to be. The next steps could be more painful than the previous ones," the company's CEO Martina Merz said in a statement.

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