ThyssenKrupp Reports 22% Drop In Net Profit

ThyssenKrupp AG TYEKF reported a 22% decline in its financial third-quarter net profit. ThyssenKrupp's net profit dropped to €212 million ($301 million), from €272 million, in the year-earlier period. Its net sales climbed to €12.85 billion from €11.68 billion. However, analysts were expecting a profit of €303 million on sales of €12.888 billion. For fiscal 2010/2011, ThyssenKrupp projects sales to surge 10% to 15%. ThyssenKrupp shares jumped 11.57% to close at $33.75 yesterday.