Booming steel demand led German industrial group ThyssenKrupp to raise its guidance for full-year earnings after more than doubling third-quarter pre-tax profit.
Thyssen on Thursday reported earnings before taxes of 488 million euros ($596.8 million), beating the average 320 million forecast in a Reuters poll, and bringing nine-month earnings to 900 million.
"Due to the very strong earnings trend in the Steel segment recently, but also in Services and Automotive, we want to now come as close as possible to our mid-term target of 1.5 billion (euro's in full-year pre-tax profit)," Chief Executive Ekkehard Schulz said in a statement.
Previously Thyssen had only aimed for a pre-tax profit of close to one billion euros in its business year.
New orders rose 18 percent to 10.6 billion euros, it said, adding it expected a stable economic environment in its fourth quarter.
Comments
Comments are closed.