Evonik Industries AG (EVK.DE), a German specialty chemicals company, Monday said it currently expects adjusted earnings before interest, taxes, depreciation, and amortization or adjusted EBITDA for the second quarter to be 578 million euros, above the market expectations of 531 million euros.
"In addition to continued strict cost discipline, good volume development in Specialty Additives, as well as a price recovery in Animal Nutrition and lower production costs were drivers of the sequential increase," the company said in a statement.
Subsequently, Evonik has raised its full-year adjusted EBITDA outlook to 1.9 billion euros-2.2 billion euros from the previous guidance of 1.7 billion euros-2 billion euros.
On a preliminary basis, sales for the second quarter of 3.9 billion euros were just around the level of the previous year.
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