Klöckner & Co SE (KCO), a German producer-independent distributor of steel and metal products, Thursday reported net loss from continuing operations of 26 million euros or 0.27 euros per share for the first half compared with net income of 39 million euros or 0.39 euros per share last year, mainly on decreased sales.
Net loss including discontinued operations was 55 million euros or 0.56 euros per share compared with net income of 4 million euros or 0.04 euros per share in the prior year.
EBITDA, or earnings before interest, taxes, depreciation, and amortization before material special effects declined to 83 million euros from 130 million euros a year ago.
Sales were 3.5 billion euros for the first half, 2.6 percent down from 3.6 billion euros in the comparable period last year.
In the first half, shipments increased by 8.1 percent year-on-year to 2.3 million tons, primarily attributable to the acquisitions in Mexico and the US completed in the second half of 2023.
Looking ahead, the company expects a slight year-on-year decline in sales for fiscal 2024. EBITDA before material special effects is expected in the range of 120 million euros to 180 million euros.
For the third quarter, EBITDA before material special effects is expected in the range of 20 million euros to 60 million euros.
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