FRANKFURT (Reuters) – Industrial conglomerate Thyssenkrupp on Thursday raised its closely watched outlook for free cash flow, citing 1 billion euros ($1.04 billion) in advance payments relating to a major submarine order by the German military.
The company now expects free clash flow before M&A between 0 and 300 million euros in 2025, having previously forecast a negative 200-400 million range.
Citing a “persistently very challenging market environment”, Thyssenkrupp also cut it sales outlook for the year, now expecting revenues to be flat at best while they could fall as much as 3%.
It previously had expected sales to rise by as much as 3%.
Adjusted operating profit more than doubled to 191 million euros, while order intake rose more than half to 12.48 billion, boosted by Germany’s decision to order four submarines for around 4.7 billion.
($1 = 0.9626 euros)
(Reporting by Christoph Steitz; Editing by Nick Zieminski and Rachel More)
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