Brief: Kloeckner & Co Says Q3 Operating Income Lower Than Expected

Kloeckner & Co SE

11/10/2022 17:11

Oct 11 (Reuters) - Kloeckner & Co SE  KCOGn.DE :
    * EQS-ADHOC: KLÖCKNER & CO SE: OPERATING INCOME IN THIRD
QUARTER
2022 LOWER THAN EXPECTED DUE TO NEGATIVE MARKET EFFECTS AND
ADJUSTMENT OF FULL-YEAR 2022 GUIDANCE
    * KLOECKNER & CO SE - EBITDA) BEFORE MATERIAL SPECIAL
EFFECTS OF
EUR 16 MILLION IN Q3 OF 2022
    * KLOECKNER & CO SE - THIS FIGURE WAS BELOW PREVIOUS
FORECAST
RANGE OF EUR 50-100 MILLION DUE TO AN UNFORESEEN INVENTORY
WRITE-DOWN AT END OF QUARTER AS A RESULT OF EXCEPTIONALLY HIGH
STEEL PRICE DECLINES AND AN ACTIVELY ENFORCED INVENTORY
REDUCTION
    * KLOECKNER & CO SE - COMPANY WAS ABLE TO GENERATE STRONG
AND
SIGNIFICANTLY POSITIVE CASH FLOW FROM OPERATING ACTIVITIES OF
AROUND EUR 150 MILLION WITH A SIGNIFICANTLY REDUCED INVENTORY
LEVEL.
    * KLOECKNER & CO SE - CONTINUES TO EXPECT ONE OF BEST
FULL-YEAR
RESULTS SINCE ITS IPO IN 2006
    * KLOECKNER & CO SE - FY EBITDA BEFORE MATERIAL SPECIAL
EFFECTS IS
NOW EXPECTED TO BE AROUND EUR 400 MILLION
    * KLOECKNER & CO SE - FORECASTS AN EXCEPTIONALLY POSITIVE
CASH
FLOW FROM OPERATING ACTIVITIES FOR FULL YEAR 2022.

Source text for Eikon:  ID:nEQ5sTfV1a 
Further company coverage:  KCOGn.DE 
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