Evonik Prelim. Q2 Adj. Earnings Above Market View; Raises FY Forecast

Evonik Industries AG (EVK.DE) reported an adjusted EBITDA of 742 million euros in its second-quarter compared to 640 million euros, prior year. Adjusted net income was 354 million euros and earnings per share was 0.76 euros. The company noted that its second-quarter adjusted EBITDA and adjusted earnings per share are significantly above current market expectations.

Based on preliminary figures, second-quarter sales increased to 3.9 billion euros from 3.6 billion euros, previous year. The company said its free cash flow improved in contrast to prior-year and was positive in the first half of 2018.

Evonik has increased its forecast for the full year 2018 and is now expecting an adjusted EBITDA between 2.6 and 2.65 billion euros. The company had previously projected an adjusted EBITDA between 2.4 and 2.6 billion euros. Evonik projects a notably higher free cash flow for 2018 compared to prior year. The company had so far forecast a slightly higher free cash flow.

Evonik will be publishing its half year financial report on August 2, 2018.

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