August 9, 2018 / 6:04 AM / 4 months ago

Thyssenkrupp cuts 2017/18 outlook for elevator unit

FRANKFURT, Aug 9 (Reuters) - Thyssenkrupp on Thursday cut the 2017/18 outlook for its cash-cow elevator division for the second time in less than three months, citing currency headwinds and higher material costs, particularly in China.

The group, in its nine-month report, said it now expected the division, which competes with Kone, Schindler and Otis, to post a slight decline in sales, adjusted earnings before interest (EBIT) and EBIT margin this year.

The group had previously expected the unit to post stable sales and an adjusted EBIT margin at least at the prior-year level. In 2016/17, the division made sales of 7.67 billion euros ($8.90 billion), adjusted EBIT of 922 million and a margin of 12 percent. ($1 = 0.8615 euros) (Reporting by Christoph Steitz Editing by Maria Sheahan)

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