CAPTION: Thyssenkrupp earnings decline in first quarter. (picture alliance/Jochen Tack)
Falling steel prices brought a drop in earnings in the first quarter to German industrial giant Thyssenkrupp.
Thyssenkrupp reported posting a net income of €98 million ($105 million) in the first quarter of 2022/2023, compared to €122 million the prior year.
After deducting minority interest, net income in the quarter was €75 million compared to €106 million 12 months earlier. Earnings per share dropped from €0.17 a year ago to €0.12.
At €254 million euros, adjusted EBIT also dropped from €378 million 12 months earlier.
Meanwhile, sales matched the prior-year level of €9 billion while the order intake of €9.2 billion was down from €10.4 billion a year ago.
The company confirmed its fiscal 2023 outlook. Thyssenkrupp is still expecting its net income to at least break even and adjusted EBIT to decrease to a value in the mid to high three-digit million euro range, compared to last year's €2.1 billion.
"Despite the continuing uncertain environment, the first-quarter results are robust," said Thyssenkrupp chief financial officer Klaus Keysberg. "We are doing all we can to achieve our cash flow target in the current fiscal year."
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