ThyssenKrupp Third-Quarter Profit Soars 62%

Steelmaker ThyssenKrupp on Friday reported a 62% increase in net profit in its fiscal third quarter as rising demand for steel lifted its sales.

The Duesseldorf-based company earned 759 million euros ($1.04 billion) in the April-June period, compared with 468 million euros a year earlier.

That was better than the 621 million euros that analysts polled by Dow Jones Newswires had forecast.

Sales rose 10.7% to 13.4 billion euros from 12.1 billion euros.

The company raised its full-year forecast slightly. It said pretax profit is now expected to reach 3.6 billion euros, just above the 3.5 billion euros it predicted previously.

Full-year sales are set to rise to more than 50 billion euros, it said, compared with a previous forecast of around 50 billion euros.