Q3 net loss 33 mln eur vs 107 mln profit (Il Sole 24 Ore Radiocor) - Berlin, 14 Aug - German industrial group thyssenkrupp said that in the third quarter sales fell to 9.0 billion euros from 9.6 billion reflecting ongoing muted demand across materials and auto-related businesses partly offset by continuously rising sales at Decarbon Technologies.

Order intake slipped to 8.4 billion from 9.4 billion with all divisions posting a contraction except for Marine Systems that saw a 20% rise.

Adjusted EBIT fell to 149 million euros from 243 million.

Automotive Technology, Materials Services and Marine Systems improved their earnings contributions compared with the prior year. In the steel business, hit by the weak economy and structural challenges,adjusted EBIT was almost halved due to demand and price effects. In the Decarbon Technologies segment, thyssenkrupp recorded one-time effects in plant engineering at Polysius (cement business), in particular due to higher costs of around 80 million for individual legacy project.

Restructuring expenses totaling 60 million at Materials Services and Decarbon Technologies led to a 33 million net loss in the quarter from profit of 107 million. In addition, the deconsolidation of the 55% stake in thyssenkrupp Industries India (Decarbon Technologies segment) had a negative impact. After deduction of minority interests, the net loss was 54 million euros from a profit of 83 million.

The group now expects to post a net loss in the mid to high three-digit million euro range compared with a previous guidance of a loss in the low three-digit million euro range.

It confirmed the updated guidance given at the end of July of a 6-8% sales drop and an adjusted EBIT to decrease to over 500 million.

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(RADIOCOR) 14-08-24 08:45:31 (0176) 5 NNNN