Klöckner and Co. SE (KCO.DE) Wednesday said that its net attributable loss narrowed in the first quarter, helped by higher operating income. The company's sales, however, declined 6 percent from a year ago, and it also released guidance for the next quarter.
The German steel and metal operator/distributor company reported first-quarter net loss attributable to shareholders of Klöckner & Co SE of 4 million euros or 0.04 euros per share, compared to a net loss of 28 million euros or 0.28 euros per share in the prior-year quarter.
During the first three months, sales fell 5.9 percent to 1.57 billion euros from 1.67 billion euros in the year-ago period, impacted by lower shipments.
Quarterly operating income or EBITDA, however, climbed 23 percent to 41 million euros from 18 million euros in the same period last year. The company's EBITDA before material special effects was 46 million euros, higher than last year's 42 million euros.
Looking ahead, the company expects a slight increase in shipments and a considerable increase in sales in the second quarter, compared to the previous quarter. Also, Klockner projects EBITDA before material special effects to be between 40 million euros and 80 million euros in the second quarter.
On the XETRA Exchange, KCO.DE ended Tuesday's trading at 12.50 euros, down 0.06 euros or 0.48 percent.
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