Molten iron flows into a furnace for purification and alloying at the ThyssenKru Sean Gallup, Getty Images

Molten iron flows into a furnace for purification and alloying at the ThyssenKrupp steelworks in Duisberg, Germany.

ThyssenKrupp on Track to Meet Targets

Orders, sales and profits are all up for the German industrial power, with all areas expected to 'generate significant positive contributions.'

FRANKFURT, Germany — Heavy industry giant ThyssenKrupp said Thursday it remains confident of meeting its full-year profit targets after a “positive” performance in the third quarter and during the first nine months.

ThyssenKrupp, which runs its business year from October to September, said in a statement that it was “on track to meet its targets for the 2014/2015 fiscal year.” The executive board expected a “clear improvement” in both underlying and net profit. 

Sales and profits “increased again significantly in the reporting period ... reflecting the progress we have made in implementing measures to increase efficiency,” CEO Heinrich Hiesinger said.

ThyssenKrupp, which is active in steel, and also makes elevators, industrial plant technology, submarines and car parts, booked net profit of 199 million euros ($220.76 million) in the period from April to June, up from 48 million euros ($53.25 million) in the second quarter and 42 million euros ($46.59 million) in the third quarter a year earlier.

Orders rose by 4.9% to 10.65 billion euros ($11.81 billion) and sales were up 4.3% at 11.18 billion euros ($12.40 billion). 

“The targets for the full year 2014/2015 were confirmed,” ThyssenKrupp said. “The executive board expects a clear increase” in underlying profit, with all business areas, aside from its steel operations in the Americas, expected to “generate significant positive contributions.”

Full-year net profit was also projected to show “a significant improvement” from the figure of 195 million euros ($216.32 million) a year earlier. 

Sales were expected to grow by a “mid-single-digit percentage rate” — or around 5% — from 41.2 billion euros ($45.70 billion) previously, ThyssenKrupp said.

Copyright Agence France-Presse, 2015

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