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ThyssenKrupp posts first profit in two years

German steelmaker ThyssenKrupp is in the black again for the first time in two years. Shares jumped at the News, as the company also raised its full-year earnings forecast.

Thyssen Krupp returns to profitability

German industry heavyweight ThyssenKrupp has logged its first quarterly net profit in two years, the company said Tuesday.

After an unexpectedly positive second quarter, the blue-chip steelmaker that also produces industry goods such as submarines, car parts and elevators said its net earnings rose to 269 million euros ($370 million) from January to March. The company runs its business year from October to September.

"We have achieved positive net income for the first time in seven quarters," the company's chief executive Heinrich Hiesinger said in a statement.

The gains followed losses of 65 million euros in the previous quarter and a dip in revenue of 129 million euros one year prior. ThyssenKrupp shares jumped 5.6 percent immediately after the earnings report.

New orders amounted to 10.2 billion euros, 4.2 percent less than the previous quarter, but 1.1 percent more on the year. Second-quarter sales rose 13 percent on the quarter to 10.3 billion euros and were also up 7.9 percent on the year.

ThyssenKrupp's operating profit also rose 26 percent from the last quarter to 309 million euros, an increase of 62 percent compared to a year ago, leading the steel giant to raise its full-year sales growth forecasts for the year to between 5 and 9 percent.

cjc/ng (AFP, Reuters, dpa)

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