By Pierre Bertrand
Thyssenkrupp Nucera shares rose in early trading Monday after the company reported an increased result for the year ended Sept. 30 and expectations for what it said was significant sales growth in fiscal 2024.
At 0941 GMT shares traded 2.3% higher to EUR16.38, losing some of the ground gained when shares traded as high as 5.4%.
The German electrolyzer business reported and increase to fiscal 2023 and fourth-quarter earnings Monday, and said that it expected sales growth in the mid-double-digit percentage range for fiscal 2024.
The company added alkaline water electrolysis projects will drive its sales in fiscal 2024, but that start-up costs will result in a negative earnings before interest and taxes figure in the mid-double-digit euro million range.
The company’s fiscal 2024 earnings before interest and taxes guidance is lower than consensus expectations but it should nevertheless be satisfactory, Deutsche Bank analysts said in a research note, adding that they see no major issue with the company’s outlook.
Write to Pierre Bertrand at [email protected]
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