May 14, 2019 / 5:14 AM / 2 months ago

Thyssenkrupp's elevator unit posts margin drop in Q2

FRANKFURT, May 14 (Reuters) - Thyssenkrupp’s elevator unit, which the conglomerate plans to list as part of a fresh turnaround plan, saw operating margins contract in the second quarter as a result of higher material costs that also hit Swiss peer Schindler.

Elevator Technology, Thyssenkrupp’s most successful business division, saw its adjusted earnings before interest and tax (EBIT) margin fall to 10.6 percent in the second quarter, down from 11.6 percent a year earlier, Thyssenkrupp said on Tuesday. (Reporting by Christoph Steitz, editing by Riham Alkousaa)

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