Germany-based specialty chemicals business Evonik Industries AG (EVK.DE) on Thursday said it expects first quarter to be significantly above expectations.
The company cited its ability to adjust selling prices successfully to offset the increase in variable costs. The main growth drivers for the business are stated to be Nutrition & Care and Performance Materials divisions. Adjusted net income was 49 percent higher at 356 million euros.
Adjusted EBITDA rose by 25 percent to 735 million euros as compared to an analyst consensus of approximately 652 million euros.
Revenues increased by 34 percent year-on-year to 4.5 billion euros in the first three months.
Considering the higher raw material costs that have raised the value of inventories, and as a precaution against possible supply chain disruptions, the company said it has increased inventories.
Based on its strong start to the year and assuming there would be no further escalation in the geopolitical situation, Evonik confirmed its outlook for the full year.
The company expects to report adjusted EBITDA between 2.5 billion euros and 2.6 billion euros and sales between 15.5 billion euros and 16.5 billion euros. This compares with adjusted EBITDA of 2.38 billion euros and sales of 15 billion euros in 2021.
Evonik would be publishing its full figures as planned on May 6, 2022.
Shares of Evonik Industries are currently trading at 25.87 euros, up 0.62 euros or 2.46 percent from the previous close.
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