Evonik Industries AG (EVK.DE), a German specialty chemicals firm, reported Monday higher earnings in its first quarter, even as sales edged down as higher sales volume was offset by weak prices.
Further, the company confirmed its fiscal 2025 guidance despite increasing economic uncertainties.
In the first quarter, net income amounted to 233 million euros, 49 percent higher than 156 million euros in the same quarter of the previous year.
Adjusted net income was 275 million euros, compared to 197 million euros a year ago.
Adjusted EBITDA went up 7 percent from last year to 560 million euros, and the adjusted EBITDA margin rose 1 percentage point to 14.8 percent. The improvement was driven by higher sales volumes and better than expected prices in Animal Nutrition, as well as continued cost discipline.
Revenue, meanwhile, dropped 1 percent to 3.777 billion euros from 3.796 billion euros a year earlier.
Evonik increased sales volumes by 2 percent in the first quarter, while prices fell by 2 percent.
Free cash flow rose 53 percent year-over-year to 195 million euros.
Looking ahead, for fiscal 2025, Evonik continues to expect adjusted EBITDA of between 2.0 billion euros and 2.3 billion euros, following its good start to the year.
The company noted that the better than expected pricing trends in the Animal Nutrition business in the first quarter are expected to continue at least for the second quarter.
Chief Executive Officer Christian Kullmann said, "We had a good start to the year. However, the combination of a looming global trade war and armed conflicts makes planning for the future more uncertain than ever. There is a risk of a further economic slowdown, particularly in the second half of the year."
Capital expenditures are expected to remain roughly constant at around 850 million euros.
Evonik plans to provide more information on strategic direction and targets during its Capital Markets Day on May 22.
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