Latest news with #ThyssenkruppTKA
Wall Street Journal
15-05-2025
- Business
- Wall Street Journal
Thyssenkrupp Shares Plunge on Expectations Miss
Shares in Thyssenkrupp TKA -10.20%decrease; red down pointing triangle plunged on Thursday after the German steel and industrial company posted second-quarter results that substantially missed expectations. In European morning trading, shares fell 9.5% to 8.54 euros. Thyssenkrupp's closely-watched adjusted earnings before interest and taxes came to 19 million euros ($21.2 million), dropping 90%. The figure also missed analysts' estimated 146 million euros, according to a company-compiled consensus. The company said that weak markets and high macroeconomic uncertainty weighed on its performance in the quarter, as expected. Sales for the period fell 5% to 8.58 billion euros, while orders contracted 6% to 8.08 billion euros, declining at all business units, excluding Marine Systems, it said. The company said management worked intensively on programs to improve productivity and reduce costs. 'However, this might still not be enough to fully counterbalance, especially the impact of the ongoing sluggish material markets,' Baader Helvea analyst Christian Obst said in a note to clients. The company backed its outlook for the fiscal year, but notes that it assumes the market environment ahead will remain challenging. Conditions should improve in the second half of the year, it said. Baader Helvea's Obst said that it looks challenging for the company to reach even the low end of the given guidance range. Net profit amounted to 155 million euros compared with a 78 million euro net loss the prior year's period. Write to Nina Kienle at
Wall Street Journal
06-03-2025
- Automotive
- Wall Street Journal
Thyssenkrupp Plans to Cut 1,800 Jobs at Weakened Auto Tech Unit
Thyssenkrupp TKA 4.65%increase; green up pointing triangle said it would cut around 1,800 jobs as part of an effort to reduce costs at its automotive technology business, which posted a slump in sales and orders for the final three months of last year. The German industrial group said its package of measures, aimed at cutting more than 150 million euros ($161.8 million), would also include a temporary hiring freeze at the unit, which employed around 31,600 workers as of the end of September.
