ThyssenKrupp posts strong Q1 results

German steelmaker ThyssenKrupp AG disclosed on February 13, 2007 that the company's first quarter profits in the current financial year soared beyond analysts' forecasts and that the company has consequently raised its targets for the whole year. Net income in the three months ended December 31 were Euro 661 million ($860.3 million), up from Euro 255 million ($331.9 million) over the same period of the previous year. "ThyssenKrupp expects the generally positive business situation to continue in the further course of the year," the company said in a statement. "Our sustainable goal for earnings before taxes is Euro 2.5 billion ($3.2 billion)," said board chairman Ekkehard Schulz. "After exceeding this figure significantly in 2005-2006, we are confident of doing the same in the current fiscal year." Sales in the first quarter increased 13 percent from the corresponding quarter of the previous year to Euro 12.3 billion ($15.9 billion). Income before taxes rose to Euro 1.06 billion ($1.4 billion) from Euro 425 million ($553 million) in the same quarter last year -- the highest quarterly income ever.