It’s been a tough summer for German firms. The weak global economy, the dismal void left by the Brexit vote and unfavorable currency effects have been making things difficult for weeks.
Several geopolitical crises and terrorist attacks in major European cities have only added more angst. Yet managers at German corporations are showing no signs of gloom.
A number of groups have recently raised their annual forecasts, including pharmaceuticals giant Bayer, health care specialist Fresenius, automotive supplier Continental and electronics titan Siemens. They were followed on Thursday by Henkel, the consumer products and industrial group.
These upward revisions have been made possible by lengthy and costly restructuring measures that have ultimately proved successful as well as a focus on lucrative and high-margin areas of business.