UPDATE 3-Germany's ThyssenKrupp nears first net profit in three years

jueves 14 de agosto de 2014 07:26 GYT

* Expects 2013/14 net earnings at breakeven to slightly positive

* Now sees 2013/14 adjusted EBIT doubling

* Q3 adjusted EBIT 398 mln euros vs 357 mln forecast

* Shares up 1.2 percent, outperform German blue-chips (Recasts, adds analyst comment, details)

FRANKFURT, Aug 14 (Reuters) - German steel and industrial group ThyssenKrupp said it could make its first net profit in three years, as Chief Executive Heinrich Hiesinger's recovery strategy begins to pay off.

ThyssenKrupp on Thursday raised the outlook for its financial year ending in September to "breakeven to slightly positive net income," after a turnaround at its steel mill in Brazil, cost cuts and demand for elevators and chemicals plants bolstered third-quarter earnings.

Hiesinger has been trying to turn ThyssenKrupp around after a slump in the global steel sector and a failed foray into the Americas caused losses and prevented the group paying shareholders a dividend for two years in a row.

He has cut costs and sold non-core businesses to reduce the company's exposure to the volatile steel sector and close a gap with more profitable industrial peers.

Commerzbank analyst Ingo-Martin Schachel said the new profit outlook was "a psychologically important milestone" and stuck with his "buy" recommendation on ThyssenKrupp's stock.   Continuación...