ThyssenKrupp Posts Annual Profit

ThyssenKrupp AG TYEKF swung to a profit in the fiscal year ended September 30 and resumed its dividend payment. ThyssenKrupp posted a net profit of EUR210 million euros ($262.4 million), versus a year-ago loss of EUR1.44 billion. Its net profit from continuing operations came in at EUR24 million, versus analysts' estimates of EUR65 million. Its sales gained 4% to EUR41.3 billion from EUR38.78 billion. Adjusted earnings before interest and taxes climbed to EUR1.33 billion compared to EUR517 million. ThyssenKrupp swung to a Q4 net loss of EUR33 million, versus a year-ago loss of EUR909 million. Its quarterly sales increased to EUR11.16 billion compared to EUR9.91 billion. "The 2013/2014 fiscal year represents a milestone in our earnings situation. We have demonstrated that we are making progress with our transformation into an efficient and profitable diversified industrial group on our Strategic Way Forward," said CEO Dr. Heinrich Hiesinger ahead of the Group's annual press conference. For the 2014-2015 fiscal year, the company projects adjusted EBIT to increase to at least EUR1.5 billion. ThyssenKrupp shares fell 0.40% to close at $24.66 yesterday.