ThyssenKrupp raises outlook after taking back stainless units

Tue May 13, 2014 1:15am EDT

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May 13 (Reuters) - Germany's ThyssenKrupp raised its full-year outlook on Tuesday as it cut costs and took back parts of the stainless steel businesses it had sold to Finland's Outokumpu.

The group - whose products range from steel to car parts, elevators and submarines - said it now saw sales for its fiscal year through the end of September rising by a medium to high single digit percentage on a comparable basis, against a previous outlook for an increase by a medium single digit percentage.

It now sees adjusted earnings before interest and tax (EBIT) almost doubling from 586 million euros ($806.07 million)in its fiscal year through the end of September, having previously seen underlying operating profit of about 1 billion euros.

In the second quarter through March, adjusted EBIT jumped by over 60 percent to 309 million euros, beating analyst consensus for 296 million in a Reuters poll thanks to cost cuts and robust demand for chemicals plants and improved earnings at its European steel operations. ($1 = 0.7270 Euros) (Reporting by Maria Sheahan; Editing by Victoria Bryan)

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