SGL Carbon (SGLFF), on Wednesday, reported a 3.9% decline in Q1 sales, largely reflecting weak demand in the Carbon Fibers business unit.
Sales for the first quarter decreased 3.9% to EUR 272.6 million from EUR 283.7 million generated in the prior year period.
Meanwhile, adjusted EBITDA improved by 5.0% to EUR 42.1 million from EUR 40.1 million in the same period of last year.
CEO Dr. Torsten Derr, said, "Our Graphite Solutions and Process Technology business units performed well in the first three months 2024. Composite Solutions has maintained considerable profitability even after the expiry of a contract with an automotive customer. We are only concerned about the Carbon Fibers division. In addition to weak demand from the wind industry, the increasing price pressure for textile and acrylic fibers is weighing on the business unit."
Further, the company confirmed its sales and earnings outlook for the 2024 financial year. Consolidated sales for the year 2024 are expected to be at the prior year's level and adjusted EBITDA between EUR160 million and EUR170 million.
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