UPDATE 1-Voestalpine posts better than expected full-year profit [Reuters]
VOESTALPINE AG UNSP/ADR (VLPNY)
NASDAQ:AMEX Investor Relations:
voestalpine.com/group/en/investors
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Source: Reuters
profit, boosted by strong demand from the automotive industry and at its storage technology business. Voestalpine said full-year net profit came in at 32 million euros ($38.97 million), up from a net loss of 216.5 million euros last year, and above an analysts' forecast of a 56 million euro net loss. Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 1.1 billion, down 4% year-on-year, but above the upper end of the full-year forecast Voestalpine had given in the previous quarter. Voestalpine, which specialises in making finished parts for the automotive, aerospace and rail industries, said revenues dropped 11.4% to 11.3 billion euros, due to the coronavirus pandemic. Business at its Aerospace and oil & natural gas units was hardest hit by the COVID-19 crisis, while demand at its Railway Systems segment was stable. For the new fiscal year, Voestalpine expects EBITDA between 1.6 billion and 1.9 billion euros. It proposed a dividend of 0.50 euros p
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