Industry Thyssenkrupp lowers expectations for the current year

The German industrial group Thyssenkrupp has once again revised its sales expectations for the current 2023/24 financial year downwards. It now expects a decline in sales of six to eight percent compared to 2022/23.

Adjusted EBIT (earnings before interest and taxes) is likely to reach a figure above 500 million euros, the Group wrote in a statement. Previously, EBIT was expected to be in the high three-digit million euro range.

According to preliminary figures, turnover in the third quarter was around 9 billion euros, a good 6 percent below the corresponding figure for the previous year. Experts had expected just under 300 million euros more. Adjusted EBIT fell by more than a third to 150 million euros.

The main reason for the revision of expectations was the persistently challenging market environment, Thyssenkrupp wrote in its latest press release. A short-term stabilization of the market in the current financial year is currently not foreseeable.

Although the measures introduced to increase efficiency are successfully counteracting the negative market developments, they cannot fully compensate for them. Thyssenkrupp last lowered its expectations in mid-May.

SDA