Daily Stock Market News

Thyssenkrupp to propose dividend after earnings and sales rise, targets exceeded


Thyssenkrupp AG on Thursday said profit and sales rose in the fourth quarter of its fiscal year, supported by strong price increases for steel and materials, and that it will propose a dividend for fiscal 2022.

The German industrial conglomerate
TKA,
-1.21%

reported quarterly net profit of 389 million euros ($404 million) compared with EUR116 million in the same period a year earlier.

Adjusted earnings before interest and taxes were EUR161 million from EUR232 million a year before. Sales came in at EUR10.57 billion compared with EUR9.44 billion, while the order intake fell to EUR10.39 billion in the quarter.

Despite challenges associated with the coronavirus pandemic, supply-chain issues and Russia’s war in Ukraine, the company said it was able to exceed all of its most financial targets in fiscal 2022.

For fiscal 2023, Thyssenkrupp said it anticipates a significant reduction in sales as prices for steel and materials normalize. It sees adjusted EBIT in the mid-to-high three-digit million range, while net income and free cash flow before mergers and acquisitions are expected to at least break even despite challenges.

“In a market environment dominated by the energy crisis, high inflation and rising interest rates, Thyssenkrupp expects the macroeconomic development in the present fiscal year to be challenging and difficult to plan,” it said.

The company said it will propose a dividend of EUR0.15 a share for fiscal 2022.

Write to Giulia Petroni at giulia.petroni@wsj.com



Read More: Thyssenkrupp to propose dividend after earnings and sales rise, targets exceeded

You might also like
A note to our visitors

This website has updated its privacy policy in compliance with changes to European Union data protection law, for all members globally. We’ve also updated our Privacy Policy to give you more information about your rights and responsibilities with respect to your privacy and personal information. Please read this to review the updates about which cookies we use and what information we collect on our site. By continuing to use this site, you are agreeing to our updated privacy policy.