FRANKFURT (Reuters) -Thyssenkrupp on Thursday said it was now targeting the upper end of its operating profit outlook range in 2023, citing a robust third quarter that showed better-than-expected results at its materials and steel units.
The group now expects adjusted earnings before interest and tax (EBIT) in the high triple-digit million euro range, the German industrial conglomerate said, having previously forecast a mid to high triple-digit million range.
“Thanks to the measures that have been initiated and implemented, Thyssenkrupp continued its robust business performance in the third quarter,” Miguel Lopez, who took over as CEO in June, said.
The company, which said third-quarter adjusted EBIT fell by two thirds, has been making strides in its turnaround in recent months, successfully listing its hydrogen unit Nucera and getting Brussel’s ok for 2 billion euros in steel subsidies.
Thyssenkrupp confirmed that it was still targeting a spin-off solution for both its steel division as well as its defence unit Thyssenkrupp Marine Systems.
(Reporting by Christoph Steitz. Editing by Jane Merriman and Rachel More)
