Bekaert’s turnover fell by double digits

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Bekaert (14:24)

EUR 16,590
-0,080
(-0,48%)

(ABM FN) Bekaert saw the results under pressure in the first half of 2020. This was evident from figures from the steel wire manufacturer on Friday.

Consolidated turnover decreased by 20 percent year-on-year to 1.77 billion euros. The analyst consensus was EUR 1.84 billion.

The drop in turnover was mainly caused by the corona crisis, which had a negative impact on the rubber division, which accounts for almost half of the group turnover.

Underlying EBITDA decreased from EUR 239 million to EUR 194 million. The analyst consensus aimed at 189 million euros.

The underlying EBIT was estimated by the analysts at 76 million euros with a margin of 4.1 percent. Bekaert reached 92 million euros with a margin of 5.2 percent. A year ago, this margin was still 5.7 percent with an EBIT of 126 million euros.

Earnings per share fell from 1.03 to 0.59 euros.

Net debt fell sharply from EUR 1.27 billion to EUR 955 million. The analyst consensus targeted EUR 908 million in debt. Liquidity stood at 834 million euros at the end of June, “very strong”, said Bekaert.

“We expect a gradual recovery of the tire market in the rest of the year,” said Bekaert. The other markets are more difficult to estimate due to the current circumstances, the manufacturer noted.

ABMFNABM Financial News; [email protected]; Redactie: +31(0)20 26 28 999.

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