October 24, 2018 / 5:12 AM / a year ago

Kloeckner & Co benefits from higher U.S. steel prices

FRANKFURT (Reuters) - German metals distributor Kloeckner & Co (KCOGn.DE) on Wednesday said third-quarter core earnings rose by a quarter, lifted by the United States, where tariffs on imports have pushed up prices.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 25.5 percent at 59 million euros (52.1 million pounds) in the period. The group had expected EBITDA to come in between 55 million and 65 million euros.

The share of sales generated through digital channels increased to 23 percent from more than 20 percent in the second quarter, Kloeckner & Co said.

The group confirmed its outlook, still expecting full-year EBITDA to rise at least slightly, while net income is expected to be positive.

Reporting by Christoph Steitz, Editing by Tassilo Hummel

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