ThyssenKrupp shows signs of a turnaround but questions persist

ThyssenKrupp (TYEKY, TYEKF) produces some evidence that its turnaround plan is working, as its FQ1 EBITDA more than doubled Y/Y to €247M (~$336M) and beat expectations of €209M, attributed to robust orders at the company’s capital goods businesses, including elevators and industrial plants.

ThyssenKrupp significantly reduced losses at its Steel Americas unit, which it decided to partially sell in December, while benefiting from a weaker Brazilian real and lower fuel rates.

Analysts remain cautious: "Despite an impressive first quarter the stock has run hard and the Steel Europe rump is now looking stretched,” Citigroup says, but at least the company's existence no longer looks threatened.

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