Düsseldorf (Reuters) – The industrial group Thyssenkrupp wrote the bottom line in the red in the first quarter of the 2023/24 financial year and partially lowered its expectations for the year as a whole.
After third-party shares, the company made a net loss of 314 million euros from October to the end of December after a profit of 75 million euros in the same period last year, the Ruhr group announced on Wednesday. The reasons were, among other things, weaker results and depreciation in the steel division. For the year as a whole, the company only expects its annual net income to increase to the point of break-even. Until now, Thyssenkrupp had promised an increase to a positive value in the low to mid three-digit million euro range.
“In view of the ongoing global economic weakness and geopolitical conflicts, Thyssenkrupp developed comparatively robustly in the first quarter and in line with our expectations,” said CEO Miguel Lopez, who has been in office since June last year. The “APEX” performance program he initiated is beginning to bear fruit. He wants to contribute up to two billion euros to adjusted EBIT by the 2024/2025 financial year.
In the first quarter, adjusted EBIT shrank to 84 million euros, half as high as in the same period last year. For the year as a whole, Thyssenkrupp continues to expect an increase to a value in the high three-digit million euro range, after 703 million a year ago. In terms of sales, management now expects earnings to be at the previous year’s level instead of a slight increase.
(Report by Tom Käckenhoff, edited by Myria Mildenberger. If you have any questions, please contact our editorial team at [email protected] (for politics and the economy) or [email protected] (for companies and markets).)
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