Thyssenkrupp Lifted Full-Year Forecast for Adjusted EBIT

SEATTLE (Scrap Monster): Thyssenkrupp built on its good first quarter performance in the second quarter of the current fiscal year. On the backdrop of the strong momentum witnessed during the quarters, the company has raised its full-year forecast for adjusted EBIT. Furthermore, it resumed the forecast of free cash flow before M&A, which it had suspended in March.

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The order intake by the group went up by over 50% year-on-year to total €13.6 billion during the quarter. The sales too recorded 24% year-on-year jump from €8.6 billion to €10.6 billion. The adjusted EBIT multiplied several times to €802 million, compared with the prior-year figure of €220 million.

The surge in earnings was mainly attributed to higher revenues and improved margins at Materials Services and Steel Europe. It more than offset challenges posed by increasing materials, logistics and energy costs and supply chain issues.

Martina Merz, CEO, thyssenkrupp AG said that the company reported a strong quarter, despite more difficult conditions in automotive and components-related businesses. The company continues to work at full speed on its transformation, alongside analyzing the potential impacts of geopolitical changes in its supply and value chains in the medium and long term, Merz added.