DUISBURG (dpa-AFX) - Klockner & Co SE (KCO), a German steel and metal distributing company, on Tuesday slipped to loss for the first nine months compared to profit last year on decreased revenue. Further, the company cut its guidance for the full year.
The company reported a loss of 8 million euros or 0.09 euros per share compared to earnings of 301 million euros or 2.96 euros per share in the prior year.
EBITDA decreased to 151 million euros from 493 million euros of last year.
Excluding items, EBITDA was 172 million euros compared to 439 million euros of the previous year.
Revenues fell 19.1 percent to 5.972 billion euros from 7.385 billion euros of the prior year, on challenging macroeconomic environment and lower steel prices.
Looking forward to the fourth quarter the company anticipates a slight decrease in sales compared to the previous quarter.
Looking forward to fiscal 2023, the company now expects an EBITDA of 170 million euros to 200 million euros before material special effects. Previously it expected EBITDA in the range of 220 million euros to 280 million euros.
On Monday, Klockner shares closed at 5.57 EUR, down 3.63% in Germany.
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