Thyssenkrupp ups outlook for sales, profits, cuts free cash flow guidance – Reuters.com

May 11, 2022 by No Comments

The logo of German steelmaker ThyssenKrupp AG is seen at the gate to Haus Rheinberg, a villa used for seminars in the valley of the small stream Wisper that confluents with the Europe’s largest waterway Rhine near Lorch, Germany, September 15, 2019. REUTERS/Wolfgang Rattay/Files

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FRANKFURT, May 11 (Reuters) – German conglomerate Thyssenkrupp (TKAG.DE) on Wednesday raised its outlook for sales and operating profit for 2022 but cut its free cash flow expectations, reflecting a rise in both selling prices and commodity costs.

The submarines-to-car parts group now expects its free cash flow before M&A to be in the negative triple-digit million euro range, having previously guided for a break-even.

“The dynamic movements in commodity and materials prices are weighing on our cash flow at present. However, we expect that there will be sequential improvements for us in the subsequent quarters,” Chief Financial Officer Klaus Keysberg said.

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At the same time, the company benefited from higher selling prices for steel and materials, it said, adding it now expected sales to rise by a low double-digit percentage amount, compared with a mid single-digit percentage increase seen previously.

Adjusted earnings before interest and tax (EBIT) are now forecast to grow to at least 2.0 billion euros ($2.1 billion), Thyssenkrupp said. It previously expected adjusted EBIT of 1.5 billion to 1.8 billion euros.

In the second quarter, …….

Source: https://www.reuters.com/business/thyssenkrupp-ups-outlook-sales-profits-cuts-free-cash-flow-guidance-2022-05-11/

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