Salzgitter Posts Profit, Lowers Sales Forecast

German company Salzgitter AG

posted a net profit in the third quarter, but lowered its sales forecast for the year. Salzgitter posted quarterly profit after tax of EUR3.8 million, versus a year-ago loss of EUR67 million. Its revenue slipped to EUR2.62 billion from EUR2.31 billion. However, analysts were estimating a loss of EUR2.4 million on revenue of EUR2.26 billion. The company's EBITDA rose to $118.8 million from $32.3 million. The company confirmed its earnings outlook for the year. For the year, it now projects revenue of EUR9 billion, versus earlier forecast of around EUR10 billion. Salzgitter shares gained 2.70% to close at $2.8550 yesterday.