By Kim Richters
Thyssenkrupp AG said Tuesday that its net loss for the second quarter widened amid the coronavirus pandemic, and warned of a hit on its results in next quarter.
The German industrial conglomerate reported a net loss of 948 million euros ($1.03 billion) for the quarter ended March 31 compared with a loss of EUR173 million the same period a year earlier.
Quarterly net sales fell to EUR10.11 billion from EUR10.64 billion, while orders declined 8% to EUR9.54 billion for the period.
The company said adjusted earnings before interest and taxes fell to a loss of EUR80 million from a positive of EUR240 million year-prior.
In March Thyssenkrupp withdrew its guidance for its fiscal year ending September due to the new coronavirus.
It said Tuesday that it expects sales from continuing operations, which excludes the elevator business it agreed to sell, to decline significantly and adjusted EBIT from continuing operations to be strongly negative for the second half of its fiscal year.
As for the third quarter, it said it couldn't rule out an adjusted EBIT loss from continuing operations of up to EUR1 billion.
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