The revenue surged higher by 37.7% year-on-year from EUR 3.4 billion to EUR 4.6 billion in Q1 2022/23.
SEATTLE (Scrap Monster): Leading steelmaker voestalpine carried its excellent performance in the business year 2021/22 over into the first quarter of 2022/23. The company posted its best quarterly performance ever in the first quarter.
The revenue surged higher by 37.7% year-on-year from EUR 3.4 billion to EUR 4.6 billion in Q1 2022/23. The EBITDA soared by 68.5%, from EUR 522 million to EUR 879 million. The EBIT more than doubled from EUR 332 million to EUR 693 million over the previous year. The profit before tax surged to EUR 670 million, whereas the profit after tax rose to EUR 615 million.
The voestalpine Group does not expect a continuation of its earnings performance for the remainder of the business year 2022/23 on the record level. The anticipated significant cooling of economy will have corresponding impact on the company’s earnings. Based on current estimates, the company expects EBITDA to total around EUR 2 billion for the entire business year 2022/23.
Herbert Eibensteiner, CEO of voestalpine AG noted that it delivered extraordinarily strong results in its first business quarter. It is well aware about the potential risks due to the uncertainty of economic developments in the second half of the year and is well prepared to face them, he added.
Image and article originally from www.scrapmonster.com. Read the original article here.