ThyssenKrupp Slips To Loss In FY23; Sees Profit, Higher Sales In FY24; Stock Up

ThyssenKrupp AG (TYEKF.PK), a German industrial engineering and steel company, reported Wednesday that its fiscal 2023 net loss was 2.0 billion euros, compared to net profit of 1.2 billion euros a year ago.

Loss per share was 3.33 euros, compared to prior year’s earnings of 1.82 euros. The latest net loss primarily was due to impairment losses of 2.1 billion euros to be made at Steel Europe.

Adjusted EBIT amounted to 703 million euros, sharply lower than last year’s 2.06 billion euros.

Sales came to 37.5 billion euros, down from 41.1 billion euros a year ago. Order intake totaled 37.1 billion euros after 44.3 billion euros a year earlier.

Further, the company said its Executive Board and Supervisory Board will propose to the Annual General Meeting on February 2, 2024, that a dividend of 0.15 euro per no-par share should be paid for fiscal year 2023.

Looking ahead for fiscal 2024, thyssenkrupp expects net income to increase to a positive figure in the low to mid three-digit million euro range from the prior-year loss.

For adjusted EBIT, thyssenkrupp is anticipating an increase to a figure in the high three-digit million euro range from last year.

The company expects sales to increase slightly.

By 2025, thyssenkrupp aims to achieve an adjusted EBIT margin of 4 to 6 percent at Group level.

In Germany, thyssenkrupp shares were trading at 7.11 euros, up 7.43 percent.

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