ThyssenKrupp Q3 Profit Down, Adj. EBIT Surges; Cuts FY22 Net Income View, Backs Adj. EBIT Forecast

ThyssenKrupp AG (TYEKF.PK), a German industrial engineering and steel company, reported Thursday that its third-quarter net income declined to 76 million euros from last year's 125 million euros. Earnings per share came to 0.12 euro, down from prior year's 0.20 euro.

The results included impairment losses of around 480 million euros, mainly due to the sharp rise in interest rates as of the reporting date and the associated increase in the cost of capital. 390 million euros of this amount relates to Steel Europe.

thyssenkrupp almost tripled adjusted EBIT to 721 million euros from last year's 266 million euros.

Sales improved 26 percent year-over-year to 11.0 billion euros.

Order intake grew 13 percent year-on-year to 10.0 billion euros, despite the persistent challenges caused by the war in the Ukraine, the Covid pandemic and the disruption of global supply chains.

Looking ahead for fiscal 2022, the company now expects net income to be in the high-three-digit million euro range, while previous estimate was at least 1.0 billion euros. In the last year, the company recorded net loss of 25 million euros.

Further, sales are now expected to be up significantly year-on-year with an increase in the low double-digit percentage range from last year's sales of 34 billion euros.

For adjusted EBIT, thyssenkrupp still anticipates a significant improvement to at least 2.0 billion euros from prior year's 796 million euros.

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