By Kim Richters
Thyssenkrupp AG on Thursday posted a widened net loss for the third quarter of its fiscal year amid the coronavirus pandemic, but said it expects business in the last quarter to be stable.
The German industrial conglomerate reported a net loss of 678 million euros ($799.1 million) for the quarter ended June 30 compared with a loss of EUR94 million for the same period a year earlier.
The company said it swung to an adjusted loss before interest and taxes of EUR415 million from adjusted earnings before interest and taxes of EUR226 million.
Quarterly sales fell to EUR7.71 billion from EUR10.78 billion, while orders declined 35% to EUR6.69 billion for the period.
"We came through the crisis slightly better than initially feared in the third quarter overall," said Chief Executive Martina Merz.
For the last quarter of its fiscal year ending Sept. 30, Thyssenkrupp expects a stable performance quarter-on-quarter and an adjusted EBIT loss from continuing operations in the mid-to-high three-digit-million-euro range. For the full fiscal year, it said an adjusted EBIT loss of between EUR1.7 billion and EUR1.9 billion is likely.
"While we are now seeing signs of stabilization, the forthcoming restructurings and cleaning up of the balance sheet will continue to weigh on earnings in the current quarter," Ms. Merz said.
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