Thyssenkrupp cuts sales outlook, investment budget on weak global trade

German conglomerate Thyssenkrupp cut its full-year outlook for investments and sales on Thursday, blaming weak demand for its products.

The company, with a broad portfolio that includes steelmaking and submarine production, now expects sales to fall five to seven per cent during its fiscal year until September 30. It previously expected sales to drop by up to three per cent.

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 four per cent to 155 million euros, missing the 174 million average estimate in an analyst poll that was provided by the group.

"The past quarter was characterised 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."

(Reporting by Christoph Steitz; Editing by Richard Chang and Ludwig Burger)