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Evonik Industries Q2 Earnings Rise; Raises FY22 Sales Outlook

Evonik Industries AG (EVK.DE), a German specialty chemicals company, on Wednesday posted a rise in earnings for the second quarter, reflecting an increase in revenues, driven by higher selling prices and positive currency effects, despite slightly lower volumes.

In addition, for the fiscal 2022, the company has revised up its sales outlook, whereas it has also confirmed its adjusted EBITDA expectations.

For the second quarter, the chemicals firm posted earnings before income taxes, continuing operations of 425 million euros, compared with 340 million euros a year ago.

Income after taxes was at 302 million euros, higher than 224 million euros of previous year quarter.

Net income for the quarter moved up to 297 million euros, from 218 million euros, on year-on-year basis.

The German firm reported an adjusted income of 351 million euros as against 253 million euros reported for the same period of 2021. Adjusted EBIT moved up to 456 million euros, versus 398 million euros last year.

Adjusted EBITDA was at 728 million euros, compared with 649 million euros, during the corresponding period of last year.

The Essen-headquartered firm registered sales of 4.77 billion euros, higher than 3.63 billion euros of last year quarter.

Moving forward, for the fiscal 2022, Evonik now projects its sales to be in the range of 17 billion euros - 18 billion euros as against its previous outlook of 15.5 billion euros - 16.5 billion euros.

For the full-year, the company has confirmed its adjusted EBITDA to be in the range of 2.5 billion euros to 2.6 billion euros.

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