UPDATE 1-ThyssenKrupp beats Q2 expectations, raises forecast

martes 12 de mayo de 2015 01:43 GYT
 

* Raises FY adjusted EBIT forecast to 1.6-1.7 bln euros

* All divisions except Steel Americas beat expectations

* Shares indicated up 2.6 percent (Adds details on forecasts, cash flow, CEO quote, background, divisions)

FRANKFURT, May 12 (Reuters) - German industrial group ThyssenKrupp raised its full-year profit forecast thanks to better execution and stabilising economic conditions, it said on Tuesday.

The steel-to-elevators group said it now expected full year adjusted earnings before interest and tax (EBIT) of 1.6 billion to 1.7 billion euros ($1.8-1.9 billion), up from its previous forecast of at least 1.5 billion euros.

It confirmed its full-year targets for sales, net profit and free cash flow before divestments - which improved to negative 55 million euros in the quarter through end-March from negative 651 million euros a year earlier.

Shares in ThyssenKrupp were indicated up 2.6 percent at brokerage Lang & Schwarz ahead of the 0700 GMT market open.

Adjusted EBIT in the fiscal second quarter rose 32 percent to 405 million euros, beating the average estimate of 379 million euros in a Reuters poll.

"Our measures to improve efficiency are working and we are moving forward with the transformation of the group. The further earnings improvement reflects our stronger performance focus," Chief Executive Heinrich Hiesinger said in a statement.   Continuación...