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Yahoo
4 days ago
- Business
- Yahoo
Thyssenkrupp cuts sales outlook, investments as Trump's tariffs stir uncertainty
By Christoph Steitz and Tom Käckenhoff FRANKFURT/DUSSELDORF (Reuters) -German conglomerate Thyssenkrupp cut its full-year outlook for investments and sales on Thursday, blaming weak demand for its products as U.S. President Donald Trump's import tariffs disrupt global trade of autos, machines and building materials. The company, with a broad portfolio that includes steelmaking and submarine production, now expects sales to fall by 5% to 7% during its fiscal year to September 30. It previously expected sales to drop by up to 3%. Thyssenkrupp said that the introduction of tariffs had curbed international trade and hit global supply chains, and that things could get worse should the conflict in the Middle East escalate further. "The past quarter was characterised by enormous macroeconomic uncertainty," Thyssenkrupp CEO Miguel Lopez said. "We are very much feeling the weak market environment in key customer industries such as the automotive, engineering and construction industries." Shares in the company were indicated 2.3% lower in pre-market trade. Adjusted earnings before interest and tax (EBIT) are now forecast to be at the lower end of the 0.6 billion to 1 billion euros ($0.7 billion to $1.2 billion) guidance range, the company said. In its fiscal third quarter from April to June, adjusted EBIT rose 4% to 155 million euros, missing the 174 million average estimate in an analyst poll provided by the group. ($1 = 0.8544 euros)
Reuters
4 days ago
- Business
- Reuters
Thyssenkrupp cuts sales outlook, investments as Trump's tariffs stir uncertainty
FRANKFURT/DUSSELDORF, Aug 14 (Reuters) - German conglomerate Thyssenkrupp cut its full-year outlook for investments and sales on Thursday, blaming weak demand for its products as U.S. President Donald Trump's import tariffsdisrupt global trade of autos, machines and building materials. The company, with a broad portfolio that includes steelmaking and submarine production, now expects sales to fall by 5% to 7% during its fiscal year to September 30. It previously expected sales to drop by up to 3%. Thyssenkrupp said that the introduction of tariffs had curbed international trade and hit global supply chains, and that things could get worse should the conflict in the Middle East escalate further. "The past quarter was characterised by enormous macroeconomic uncertainty," Thyssenkrupp CEO Miguel Lopez said. "We are very much feeling the weak market environment in key customer industries such as the automotive, engineering and construction industries." Shares in the company were indicated 2.3% lower in pre-market trade. Adjusted earnings before interest and tax (EBIT) are now forecast to be at the lower end of the 0.6 billion to 1 billion euros ($0.7 billion to $1.2 billion) guidance range, the company said. In its fiscal third quarter from April to June, adjusted EBIT rose 4% to 155 million euros, missing the 174 million average estimate in an analyst poll provided by the group. ($1 = 0.8544 euros)
Yahoo
16-07-2025
- Business
- Yahoo
Guinness Owner Diageo's CEO Steps Down as the Alcoholic Beverage Giant Struggles
Key Takeaways Diageo CEO Debra Crew resigned, effective immediately, as the maker of brands including Smirnoff vodka and Guinness beer struggles with weak sales. The company said CFO Nik Jhangiani is taking over on an interim basis. Diageo kept in place its fiscal 2025 and 2026 guidance given in (DEO) CEO Debra Crew resigned Wednesday, effective immediately, as the maker of brands including Smirnoff vodka and Guinness beer struggles with weak sales. In its news release, Diageo gave no reason for Crew's departure, only that it was 'by mutual agreement.' She has led the company since June 2023. The company has struggled during Crew's tenure. The Financial Times, which first reported she was leaving, suggested Crew failed to convince some investors that sales declines were due to cyclical changes, rather than reflecting operational issues or a structural drop in alcohol sales. It noted that Diageo shares have slumped over 40% since she became CEO. Diageo said that CFO Nik Jhangiani will take over on an interim basis. The board 'has begun a comprehensive formal search process, which will include consideration of internal and external candidates," Diageo said. The company added that its guidance for fiscal 2025 and 2026 offered in May remains unchanged. At that time, Diageo said it anticipated new Trump administration tariffs would negatively impact results by $150 million on an annualized basis. The company plans to release fourth-quarter and full-year results on Aug. 5, as scheduled. U.S.-listed shares of Diageo wavered between gains and losses following Wednesday's release. They've lost about one-quarter of their value since the start of the year. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
