Germany-based steelmaker Thyssenkrupp has announced its financial results for the third quarter ended June 30 of the financial year 2022-23.
The group has posted a net profit of €83 million for the given period, compared to a net profit of €76 million in the same period of the previous fiscal year, while its sales revenue amounted to €9.6 billion, down by 12.7 percent year on year. Meanwhile, Thyssenkrupp’s adjusted EBIT rose significantly to €243 million, from €721 million in the third quarter of the previous financial year, due to lower prices and lower revenues at its steel division.
In the third quarter, the order intake at the company’s steel division in the given period increased by four percent to €3.2 billion amid higher order volumes, especially from the automotive industry, while its sales fell by nine percent to €3.3 billion despite the increase in shipment volumes, both year on year. Adjusted EBIT of the steel division decreased to €190 million, compared to €376 million in the third quarter of the previous financial year, due to lower earnings.
For the full financial year 2022-2023, Thyssenkrupp expects its adjusted EBIT to be in the high three-digit million euro range, subject to the limited reliability of planning due to economic and geopolitical uncertainties.