(ABM FN) Bekaert saw a recovery in the third quarter. This became clear on Friday from the figures of the steel wire manufacturer.
Despite the great uncertainties, the past quarter marked a turning point in many markets, according to Bekaert.
Bekaert saw its consolidated turnover in the first nine months fall further from 3.3 billion to 2.8 billion euros. Combined sales fell to 3.3 billion euros. Analysts anticipated a consolidated turnover of 2.7 billion euros or 3.2 billion euros combined.
On a quarterly basis, however, consolidated sales increased by 24 percent and combined sales by as much as 29 percent. Bekaert therefore qualified the second quarter as “weak”.
Sales volumes were only 2 percent lower than last year in the quarter.
Bekaert expects underlying EBIT to be close to 2019 this year. That would mean an improvement in margin, according to the manufacturer.
For the whole of 2020, the analysts are aiming for a consolidated turnover of just under 3.7 billion euros and a combined turnover of 4.3 billion euros, with an underlying EBIT of 196 million euros, or a margin of 5.3 percent.
At the end of December, the debt is likely to be 824 million euros. At the beginning of October, the debt ratio was reduced to below 2. At the end of 2020, Bekaert expects to still be below 2.
ABM Financial News; [email protected]; Redactie: +31(0)20 26 28 999.
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