ThyssenKrupp earnings bounce back

|About: ThyssenKrupp AG ADR (TYEKY)|By:, SA News Editor

ThyssenKrupp (OTC:TYEKY, OTCPK:TYEKF) shares are up 1% in Germany following the steelmaker's Q2 update, which said it earned €39M vs. a €395M loss in the year-earlier period, and sales rose 8% to €10.7B.

Q2 profit from European steel making, which is highly cyclical, rose more than sixfold to €92M, or ~$123M before interest and taxes.

The main drivers of the improved performance were efficiency gains, profitable growth of the capital goods businesses, and significant improvement at Steel Americas.

Slightly raises its full-year forecast, now seeing FY 2014 adjusted EBIT doubling from last year's €586M and expecting to achieve break-even to slightly positive net income for the first time in three years.