German industrial conglomerate ThyssenKrupp AG (TYEKF.PK) reported that its second quarter net income was 167 million euros compared to a net loss of 72 million euros in the prior year. The significant improvement was supported mainly by the sale of thyssenkrupp Electrical Steel India. This was partly offset by impairment losses of around 90 million euros at Steel Europe caused by the gloomy economic situation, persistently high energy costs and planned investments in decarbonizing the business.
Quarterly net income after deducting minority interest was 155 million euros compared to a loss of 78 million euros in the prior year. Earnings per share were 0.25 euros compared to a loss of 0.13 euros per share in the previous year.
Adjusted EBIT of the group was 19 million euros down from the prior year's 184 million euros reflecting lower sales and shipments and a significant reduction in capacity utilization due to planned shutdowns for conversion work in the Steel Europe segment.
Quarterly order intake amounted to 8.1 billion euros down from 8.6 billion euros in the prior year. Due to the effects of declining prices and demand, group sales decreased to 8.6 billion euros from the prior year's 9.1 billion euros.
thyssenkrupp assumes that the market environment will remain challenging yet improved compared with the 1st half of the year. However, it will still be characterized by uncertainties about future global economic growth. Against this backdrop, the group has expressly formulated its expectations with corresponding ranges for the key performance indicators.
The company confirmed forecast for fiscal year 2024/2025.
Looking ahead for fiscal year 2024/2025, regarding net income, thyssenkrupp continues to assume a return to profit with an improvement to a figure between 100 million euros and 500 million euros.
The company confirmed fiscal 2025 forecast for adjusted EBIT between 600 million euros and 1 billion euros.
The company still expects sales to be down 3 percent to be flat.
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