Vossloh Slips To Loss In 9 Months; Backs FY19 View; Sees Higher EBIT In FY20
(RTTNews) - German rail technology company Vossloh Group (VOSSF.PK) reported Thursday that its nine-month net loss was 85.4 million euros, compared to last year's profit of 12.6 million euros. Loss per share was 5.30 euros, compared to profit of 0.57 euro last year.
Earnings before interest and tax or EBIT was negative 5.8 million euros, compared to prior year's positive 35.2 million euros. Adjusted EBIT totaled 31.9 million euros, compared to 35.2 million euros in the previous year.
Sales revenues improved 6.2 percent to 662.1 million euros from previous year's 623.2 million euros, largely as a result of acquisitions in 2018.
The company recorded an 11.7 percent increase in orders received to 763.9 million euros from 684.0 million euros last year. Orders received by the Core Components division increased significantly by 31.1 percent to 327.5 million euros, driven by the positive performance of the Tie Technologies business unit.
The order backlog as of September 30, 2019, also increased strongly in both business units to a total of 320.6 million euros.
Further, the company confirmed its fiscal 2019 outlook. Vossloh expects sales of between 900 million euros and 1 billion euros. EBIT expected for the operational business will probably be in the lower third of the forecast range of between 50 million euros and 60 million euros, the company noted.
As a result of the streamlined portfolio, Vossloh also expects Group sales of between 900 million euros and 1 billion euros, but a significantly improved EBIT between 65 million euros and 80 million euros in the 2020 fiscal year.
This corresponds to an improvement in the EBIT margin in the 2020 financial year of around two percentage points compared with the adjusted EBIT margin in 2019.
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