Thyssenkrupp Posts 3Q Net Loss; Cuts Full-Year View
08 August 2019 - 08:05AM
Dow Jones News
By Kim Richters
Thyssenkrupp AG (TKA.XE) said Thursday that a difficult economic
environment led to a loss in the third quarter, while it revised
its outlook for its financial year.
The German industrial conglomerate posted a 3Q net loss of 94
million euros ($105.35 million) compared with a group net loss of
EUR131 million a year earlier.
"Growth was slowed by increasingly weaker global economic
momentum, a marked downturn in the automotive sector and continued
high import pressure for steel," the company said.
Net sales rose to EUR10.78 billion, up slightly from EUR10.77
billion the same period a year before, the company said. Order
intake for the full group was EUR10.22 billion, down from EUR10.55
billion prior.
The company, which makes steel, elevators and auto components,
said its adjusted earnings before interest and taxes fell to EUR226
million from EUR331 million in the third quarter of its previous
financial year.
"Overall we cannot be satisfied with our performance in the
first 9 months," said Thyssenkrupp Chief Executive Guido
Kerkhoff.
Thyssenkrupp revised its full-year outlook and said its adjusted
EBIT for the financial year will be around EUR800 million, down
from previously EUR1.1 billion to EUR1.2 billion. The company also
expects a negative net income.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 08, 2019 01:50 ET (05:50 GMT)
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