thyssenkrupp ag reported its firstquarter results for fiscal 2023 tuesday this is what we watched sales forecast the german industrial group reported 902 billion euros 968 billion in sales for its first quarter a decline of eur5 million compared with the first quarter of fiscal 2022 the result missed analysts views of eur906 billion according to consensus expectations provided by the company adjusted ebit for the three months ended december adjusted earnings before interest and taxes declined to eur254 million from eur378million in the prioryear period despite the decline the metric came ahead of analysts consensus of eur175 million free cash flow thyssenkrupps free cash outflow before ma was eur365 million in the first quarter of fiscal 2023 an improvement compared with the eur858 million outflow in the first fiscal quarter of 2022 the result beat analysts views who expected a eur424 million outflow but it swung the company back into negative territory compared with the eur157 billion cash flow it achieved in the fourth quarter of fiscal 2022 european steel recovery thyssenkrupps steel division saw under two million metric tons of shipments a record low chief financial officer klaus keysberg said however the business benefited from new contracts which led to higher average revenue a ton the units order intake rose by 22 to eur3 billion and sales increased by 10 to eur29 billion higher average revenue allowed the unit to post adjusted ebit growth despite high raw material and energy costs the decline in steel prices was lower than what citi had expected offsetting the hit from lower shipments and allowing the unit to drive thyssenkrupps adjusted quarterly earnings analysts said in a research note guidance thyssenkrupp said signs point to how an economic downturn now appears more unlikely than before nevertheless it anticipates that price normalization will result in a significant decrease in sales affecting materials services and steel europe the company is guiding for a mid to high threedigit million euro range for adjusted ebit and said it was expecting lower earnings in its second quarter divestment updates thyssenkrupp again reiterated that it is committed to conducting an initial public offering for a minority stake in nucera and continues to monitor the market for an opportune moment to launch the ipo mr keysberg wouldnt elaborate further on when the ipo could take place thyssenkrupp is in negotiations with potentially interested buyers for its automation and engineering business unit and the ma process has been started for the springs and stabilizers business unit mr keysberg added