thyssenkrupp: FY loss hits E2bn

(CercleFinance.com) - thyssenkrupp announces Q4 sales of E8.
8bn (period July-August-September 2023), down 17% y-o-y.

Meanwhile, EBITDA fell by 60% to E283m, with EBIT reaching -E1.7bn, vs. +E432m previously, with adjusted EBIT at E88m, vs. E161m in Q4 2022, i.e. down 45%.

As a result, the German industrial group posted a quarterly loss, group share, of 2 billion euros, a far cry from the E389m profit recorded a year ago. Meanwhile, EPS came to -3.23 euros, compared with E0.63 previously.

For the full year, Thyssenkrupp's sales fell 9% to E37.5bn, with adjusted EBIT down 66% to E703m. The group posted an annual net loss of E2bn, a far cry from the E1.1bn profit of the previous year, resulting in EPS of -E3.3, compared with E1.82 last year.

Despite the decline at Steel in Europe, thyssenkrupp expects a slight increase in FY 2023/2024 sales, believing that business will be driven by significant growth at Decarbon Technologies and Marine Systems. Slight sales growth is also expected at Automotive Technology.

thyssenkrupp is also targeting an adjusted EBIT margin of 4%-6% at the group level.


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