thyssenkrupp nucera on Tuesday maintained its annual targets after reporting better-than-expected first-quarter results.

The German group, which specializes in electrolysis equipment for the production of green hydrogen, confirmed that it expects "significant" growth (around 15%) in net sales for the 2023/2024 financial year.

The company points out, however, that its ramp-up in AWE alkaline electrolysis technology for industrial projects is likely to penalize its profitability.

Its operating profit (Ebit) is thus likely to show a loss at the end of the current financial year.

In the first quarter, ended December 31, its operating loss was limited to 0.9 million euros, whereas the consensus was for a shortfall of around four million euros.

Sales rose by 34.6% to 208.3 million euros, an all-time high, driven mainly by AWE technology activities, which soared by 73% to 69.6 million euros.

Consensus forecasts were for 192 million euros.

Order intake rose by 8.8% to 175.5 million, again exceeding analysts' average forecasts (157 million euros).

The thyssenkrupp nucera share, floated on the Frankfurt Stock Exchange last summer, gained 2% in early trading in the wake of this publication.

The share is still down around 35% since its IPO.

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