FRANKFURT (Reuters) - German elevator-to-car parts conglomerate Thyssenkrupp (TKAG.DE), on Monday scrapped its 2019/2020 profit outlook, blaming the economic downturn triggered by the spread of the coronavirus.
In a statement, it said it was reacting quickly to the crisis and working to limit the business impact.
Thyssenkrupp in November said it expected its adjusted operating profit to be stable in the 2019/20 fiscal year, while its net loss and negative cash flow before M&A was expected to widen.
The coronavirus outbreak has triggered numerous profit warnings in the automotive sector, Thyssenkrupp’s single biggest customer groups, as well as in other industries where Thyssenkrupp operates.
Finnish rival Kone (KNEBV.HE), which competes with Thyssenkrupp in the elevator sector, earlier on Monday scrapped its outlook, also citing the impact of the crisis.
Reporting by Edward Taylor and Christoph Steitz; Editing by Ludwig Burger and Barbara Lewis