DUISBURG (dpa-AFX) - Kloeckner & Co SE (KCO), a German steel and metal company, reported Thursday that its fiscal 2022 net income declined to 259 million euros from last year's 629 million euros. Earnings per share were 2.54 euros, lower than 6.21 euros a year ago.
Adjusted operating income or EBITDA fell to 417 million euros from last year's 848 million euros.
Sales for the year increased 26 percent to 9.4 billion euros from prior year's 7.4 billion euros.
Based on the positive net income, the company said it will propose a dividend of 0.40 euros per share to shareholders at the Annual General Meeting, down from last year's 1.00 euros.
Looking ahead for the first quarter, the company expects adjusted EBITDA will be very considerably higher than in the preceding quarter, at 40 million euros to 90 million euros.
The outlook reflects a strong improvement in the macroeconomic environment, a positive price trend and very rigorous net working capital management.
Further, Kloeckner issued positive outlook for fiscal year 2023, targeting EBITDA before material special effects at a strong level, albeit below the prior-year figure, which was significantly positively impacted by price effects.
The company expects the global steel market to increasingly normalize this year. A stronger demand trend in the Company's key European and US markets is expected to bring a considerable increase in shipments compared to fiscal year 2022.
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