By Pierre Bertrand
Thyssenkrupp AG reported a decrease in its fiscal first quarter earnings on Tuesday as prices in the three months to end-December normalized at its material services business and its multi-tracks business felt the loss of portfolio divestments.
The German industrial company reported adjusted earnings before interest and taxes of 254 million euros ($272.5 million), compared with EUR378 million in the previous year, on sales of EUR9.02 billion.
Analysts had anticipated adjusted EBIT of EUR175 million and sales of EUR9.06 billion, according to consensus expectations provided by the company.
The Essen-based company reported EUR75 million in net profit, a decrease compared with EUR106 million it achieved in its previous fiscal first quarter.
Its result reflected the anticipated normalization of prices, which was especially evident at materials services, as well as declines in order intake, sales and adjusted EBIT at multi tracks.
The MDAX-listed company confirmed its fiscal 2023 forecast including a mid-to-high three-digit million euro range for adjusted EBIT, with free cash flow before mergers and acquisitions and net income to at least break even.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
