Thyssenkrupp: reduces guidelines

(CercleFinance.com) - Thyssenkrupp's Q1 2023/2024 sales reached E8.
2bn (vs. E9.0bn the previous year). Lower prices at Steel Europe and Materials Services, combined with lower volumes of materials and raw materials, had a negative impact.

At E8.0bn in Q1 2023/2024, order intake was down on the previous year (E9.2bn), mainly due to economic effects with price- and demand-driven declines in Materials Services and Steel Europe.

It posted adjusted EBIT of E84m. The y-o-y decline of E168m is due to the reduced profit contribution from Steel Europe - as a result of lower sales - and, as expected, due to lower earnings from the various Decarbon Technologies businesses.

thyssenkrupp posted a net loss of E305m for Q1 2023/2024 (previous year: E98m). After deduction of minority interests, the Q1 net loss reached E314m (previous year: E75m). EPS amounted to minus E0.50 (previous year: E0.12).

"Due to volume reductions at Steel Europe and Materials Services, thyssenkrupp now expects sales for the 2023/2024 fiscal year to be at the prior-year level. It had previously assumed a slight increase. thyssenkrupp continues to anticipate that adjusted EBIT will rise to a figure in the high three-digit million euro range (prior year: E703 million). The group expects to achieve free cash flow before M&A in the low three-digit million euro range (prior year: E363 million)", the Group says.

"Principally as a result of the interest rate-induced impairment losses in the 1st quarter of the 2023/2024 fiscal year, the company now expects net income to increase to around break-even (previously: increase to a positive figure in the low to mid three-digit million euro range)".


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