This post was originally published on this site
Thyssenkrupp AG on Thursday posted a wider loss than expected in the first quarter due to restructuring costs and economic headwinds, but it backed its guidance for the full fiscal year.
The German industrial conglomerate TKA, +0.54% reported a net loss of 372 million euros ($405.5 million) for the quarter ending Dec. 31, compared with a profit of EUR60 million the same period a year earlier.
Analysts expected Thyssenkrupp, which makes steel, elevators and auto components, to report a net loss of EUR85 million, according to a consensus forecast provided by Vara Research.
Quarterly sales fell to EUR9.67 billion from EUR9.74 billion, while orders declined 4% to EUR9.66 billion for the period.
The company said its adjusted earnings before interest and taxes, one of the company’s key figures, dropped to EUR50 million from EUR217 million.
Analysts expected Thyssenkrupp to post sales of EUR9.67 billion and adjusted EBIT of EUR48.8 million, according to a consensus forecast provided by Vara Research.
“The latest figures are not great. But we are convinced that we are on the right track,” the company’s Chief Executive Martina Merz said.
The company backed its view for its fiscal year 2020, expecting adjusted EBIT to be at the prior-year level, free cash flow before M&A below the prior-year level and a significantly higher net loss than in the previous year.
