By Kim Richters
Thyssenkrupp AG (TKA.XE) said Thursday that a difficult economic environment led to a loss in the third quarter, while it revised its outlook for its financial year.
The German industrial conglomerate posted a 3Q net loss of 94 million euros ($105.35 million) compared with a group net loss of EUR131 million a year earlier.
"Growth was slowed by increasingly weaker global economic momentum, a marked downturn in the automotive sector and continued high import pressure for steel," the company said.
Net sales rose to EUR10.78 billion, up slightly from EUR10.77 billion the same period a year before, the company said. Order intake for the full group was EUR10.22 billion, down from EUR10.55 billion prior.
The company, which makes steel, elevators and auto components, said its adjusted earnings before interest and taxes fell to EUR226 million from EUR331 million in the third quarter of its previous financial year.
"Overall we cannot be satisfied with our performance in the first 9 months," said Thyssenkrupp Chief Executive Guido Kerkhoff.
Thyssenkrupp revised its full-year outlook and said its adjusted EBIT for the financial year will be around EUR800 million, down from previously EUR1.1 billion to EUR1.2 billion. The company also expects a negative net income.
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