German industrial conglomerate ThyssenKrupp AG on Wednesday reported a net loss for the third-quarter reflecting a decline in sales, and higher negative special items, including restructuring expenses.
In addition, the company has revised down its annual outlook.
For the three-month period to June 30, the group posted a net loss of €54 million ($59.3 million), compared with a profit of €83 million in the same period last year.
Pre-tax income stood at €26 million euros as against previous year's €174 million. EBIT slipped to €84 million from €212 million in 2023.
Excluding items, EBIT was also down at €149 million, compared with €243 million in 2023.
EBITDA was €257 million, lower than €445 million a year ago.
Net financial expenses moved up to €39 million from prior year's €29 million.
Loss from companies accounted for using the equity method was €28 million, compared with a loss of €10 million a year ago.
Income from operations plunged to €64 million from €202 million in 2023.
Order intake was down at €8.3 billion, compared with €9.3 billion a year ago.
Sales for the period dropped to €8.9 billion from previous year's €9.5 billion.
Looking ahead, for the full year, ThyssenKrupp now expects a negative net profit figure in the mid to high three-digit million euro range against prior guidance for an increase to a negative figure in the low three-digit million euro range.
Adjusted EBIT is now expected to decrease to a figure of over €500 million against previous outlook for an increase to a figure in the high three-digit million euro range.
Sales are now projected to decrease by 6% to 8%, compared with the prior outlook for a decline below last year's, as a result of the continued challenging market environment.
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