Thyssenkrupp-Q3 operating profit almost tripled | Photo credits: © ThyssenKrupp AG
FRANKFURT, Aug 11 (Reuters) – Thyssenkrupp’s operating profit almost tripled in the three months from April to June on the back of higher steel prices, results from the German conglomerate showed on Thursday. However, it is cautious in the face of high commodity prices and rising interest rates.
The group’s adjusted profit before interest and tax (Ebit) reached 721 million euros in the third quarter of its lagged financial year, against 266 million in the same period last year.
More than half of this sum, or 376 million euros, comes from the company’s steel business, the second largest in Europe, with higher steel prices offsetting higher steel costs. energy and raw materials.
“In the third quarter, we were again affected by the increase in the price of raw materials and other materials,” said chief financial officer Klaus Keysberg.
“However, we expect working capital requirements to decline significantly and cash flow to be significantly positive in the fourth quarter.”
Rising interest rates led to impairments of around 480 million euros, Thyssenkrupp said, prompting it to revise its 2022 net profit outlook downwards, now expected below billion euros, against at least one billion previously.
The group, which manufactures submarines, automotive parts and even electrolyzers, confirmed its outlook for adjusted Ebit, sales and free cash flow before mergers and acquisitions. (Report Christoph Steitz; French version Kate Entringer, edited by Jean-Stéphane Brosse)