November 6, 2019 / 6:55 AM / 14 days ago

Andritz third-quarter core profit down due to Schuler restructuring

FILE PHOTO: A zoomed image of the logo of Austrian machinery maker Andritz during a news conference in Vienna, Austria, March 4, 2016. REUTERS/Heinz-Peter Bader

VIENNA (Reuters) - Engineering group Andritz (ANDR.VI) posted a sharp decline in third-quarter operating profit on Wednesday, hit by restructuring costs at its German Schuler subsidiary.

The company, which supplies plants and systems to the auto, pulp and paper, and metal manufacturing industries, reported adjusted earnings before interest, tax and amortization (EBITA) of 101.7 million euros ($112.63 million) in the three months to the end of September.

Including costs for restructuring at Schuler, EBITA was at 6.4 million euros after 85.9 million in last year’s period, Andritz said.

Reporting by Kirsti Knolle

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