FRANKFURT (GERMANY) – After pointing to increased demand for auto parts and materials, German conglomerate Thyssenkrupp has raised its full-year outlook for sales, cash flow and profits.
“In a continuing uncertain market environment, we had a good first quarter: we’re noticing signs of an economic recovery and our measures to improve performance in the businesses are starting to bear fruit,” the group’s CEO Martina Merz said.
The conglomerate has hopes of breaking even on an adjusted operating profit level. Thyssenkrupp had earlier expected a mid triple-digit million euro loss in the year to September.
The steel division of the conglomerate, which could be sold or retained, swung to an adjusted operating profit of 20 million euros ($24 million) in Q-1 compared with a loss of 127 million euros during the same period in 2020.
In the October-December quarter, on a group level, adjusted operating profit came in at 78 million euros in the October-December quarter, which will decline in January-March, said the conglomerate.