DUISBURG (dpa-AFX) - Klöckner & Co SE (KCO), a German steel and metal company, reported that its net income for the first nine months of 2022 declined to 301 million euros from last year's 490 million euros, with earnings per share declining to 2.96 euros from 4.84 in the prior-year period.
Operating income (EBITDA) adjusted for material special effects was 439 million euros compared to 678 million euros in the prior year.
Sales for the period increased 36.5% year-over-year to 7.4 billion euros, mainly due to higher steel and metal prices.
The company anticipates that the fourth quarter will bring a seasonal and price-driven considerable decrease in shipments and sales relative to the preceding quarter.
The company expects EBITDA before material special effects to be around 400 million euros in 2022. It also forecasts an exceptionally positive cash flow from operating activities for 2022.
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