ThyssenKrupp reports net loss of €668M in Q3

Thursday, 13. August 2020 07:02

German industrial conglomerate ThyssenKrupp AG said on Thursday its net loss in the third quarter was €668 million, a significant increase from the €77 million reported a year earlier.

In the same earnings report, the company said quarterly net sales fell to €7.71 billion during the same period, while adjusted earnings before interest and taxes dropped to €415 million. The loss per share stood at €1.09.

The company stated that the effects of the coronavirus pandemic could be seen regarding the volatility in the materials and components businesses for cars and trucks, and structural challenges in steel impact performance in the first 9 months. The third quarter was down significantly from the prior quarter but stabilization is expected for the fourth quarter.

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Breaking the News / TF