K+S Q3 Operating Profit Rises, Revenues Up 32%; Increases Guidance

K+S (SDFG) said it again increased revenues and operating earnings very significantly year-on-year in the third quarter. Excluding a one-off gain in the previous year, EBITDA even more than quadrupled in the third quarter, the company noted.

Third quarter EBITDA was 121 million euros, up 50% from 81 million euros, last year. Profit per share from continuing operations was 6.64 euros compared to a loss of 9.13 euros.

Adjusted Group earnings after taxes from continuing operations was 1.28 billion euros, significantly higher than the prior-year figure of a loss of 1.76 billion euros, which was impacted in particular by the first-time impairment of assets. Adjusted profit per share from continuing operations was 6.71 euros compared to a loss of 9.18 euros. Excluding the non-cash reversal of impairment losses on non-current assets and the associated effects on deferred taxes, adjusted Group loss per share would have been 0.02 euros per share.

Revenues were up 32% to 746 million euros from 566 million euros. The Group said this
was mainly attributable to higher average prices and sales volumes in the Agriculture customer segment as well as higher sales volumes in the Industry+ customer segment.

For fiscal 2021, K+S now expects EBITDA to improve to about 630 million euros, revised from previous forecast range of 500 million euros to 600 million euros without REKS transaction.

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