Thyssenkrupp's operating profit fell by a third in the first quarter, as the German warship-to-car parts conglomerate said on Tuesday its customers placed fewer orders, while its wholesale business was hit by falling cost of metals.
FRANKFURT/DUESSEDORF, Feb 14 - Thyssenkrupp's
operating profit fell by a third in the first quarter, as the German warship-to-car parts conglomerate said on Tuesday its customers placed fewer orders, while its wholesale business was hit by falling cost of metals. Concerns of an impending recession in the U.S., coupled with the war in Ukraine, have caused prices for steel to fall and customers to empty their inventories.The Essen-based company pointed to destocking at automotive clients - the group's single-biggest customer base.
"There is limited visibility in respect of future economic developments," Chief Financial Officer Klaus Keysberg said in a statement. Adjusted earnings before interest and tax, or EBIT, came in at 254 million euros in the October-December period, while sales remained stable at 9.02 billion euros, the company said.
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