TKAMY - Thyssenkrupp soars after strong earnings beat guidance raise

Thyssenkrupp (OTCPK:TYEKF) surges more than 10% in European trading on Wednesday after beating FQ2 earnings expectations and raising guidance for the full year, citing higher revenue and improved margins in material services and steel operations. The company reported FQ2 adjusted EBIT rose by nearly 4x to €802M (~$845M) from €220M in the year-earlier quarter on a 24% jump in sales to €10.6B, exceeding expectations of €569M and €9.61B, respectively. Q2 net income swung to a €565M profit from a €211M loss in the year-earlier quarter, more than offsetting higher costs for materials, logistics and energy as well as supply chain problems. Thyssenkrupp (OTCPK:TYEKF) raised guidance for full-year EBIT to €2B (~$2.11B), well above prior guidance of €1.5B-€1.8B and €796M EBIT a year earlier, and it now expects sales in FY 2022, which ends in September, to rise by at least 10% vs. ~5% previously. However, Thyssenkrupp (OTCPK:TYEKF) now expects negative

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Thyssenkrupp soars after strong earnings beat, guidance raise