ThyssenKrupp Announces Quarterly Profit After Selling US Block

Adjusted earnings before interest and taxes from continuing operations nearly tripled to € 398 million ($ 532 million) in the fiscal quarter ended June 30. The result exceeded the average forecasts of 363.6 million euros from German analysts. Sales were up 8.3 percent to € 10.7 billion.

"The times of record losses are over," said an analyst at Fairesearch GmbH & KG. ThyssenKrupp shares rose 0.4 percent to € 21.045 at the close in Frankfurt, the highest result this month. Net income for the quarter was € 39 million, compared with a net loss of € 395 million a year earlier.

After losing nearly € 14 billion in market value since 2008, ThyssenKrupp announced last year plans to raise funds through the sale of shares and a disadvantaged US plant. After spinning off the US block, the company reported its first positive adjusted EBIT of 16 million euros, compared with a loss of 193 million euros a year earlier.

The company, which reported its first-ever net income in nearly two years in May, is expanding its manufacturing divisions amid weak steel prices. ThyssenKrupp slightly raised its financial forecast for the current year, saying that the adjusted Ebit in the 12 months to September will double from 586 million euros a year earlier.

“Our strategy is working and our operating measures are clearly in effect,” Chief Executive Heinrich Hiesinger said in a statement.