Thyssen Krupp (www.thyssenkrupp.com) raised its full-year forecasts on 12 May after better-than-expected earnings in the second quarter (January to March) of its financial year, which runs from October to September.

In a statement, the German heavy-industry group said that, “against the background of the progress made in operating performance and the generally stabilising economic conditions, management has raised its forecast for the full year”.

The group said it now expects its operating profit to “increase significantly” to 1.6-1.7 billion euros. With the exception of its steel business in the Americas, which is expected to break even, all business sectors will generate “significant positive contributions,” the statement said.

“Group sales are expected to grow by a “single-digit percentage rate”, and “management expects a significant improvement in net income from 195 million euros last year”.

In its second quarter, operating profits increased by 32% to 405 million euros, but net profits fell by 82% to 48 million euros as a result of one-off charges related to the sale of its VDM stainless-steel division. Meanwhile, second-quarter sales grew by 7.0% to 10.995 billion euros.