FRANKFURT, 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 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
5%-7% during its fiscal year until September 30. It previously
expected sales to drop by up to 3%.
Adjusted earnings before interest and tax 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 that was provided by the
group.
"The past quarter was characterized 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."
($1 = 0.8544 euros)