Wacker posts "significant sales and earnings growth" in Q1 2014
ERJ staff report (TP)
Munich, Germany – Wacker Chemie AG generated both year-on-year and quarter-on-quarter sales growth from January through March 2014, thanks especially to higher volumes.
In Q1 2014, the chemical company generated sales of €1,157.4m after €1,076.3m in the prior-year period. This is almost eight percent more than in the prior-year period and six percent up from the preceding quarter (€1,086.9m). All five business divisions contributed to this growth.
Overall, Wacker said it more than compensated for price pressure in some product segments and for unfavourable exchange-rate effects due to the weaker US dollar and Japanese yen.
“Wacker had a good start to the new fiscal year in Q1 2014,” said CEO
Rudolf Staudigl. “Customer demand for our products rose noticeably
throughout all divisions in the first quarter. At the same time, price
pressures have eased in a number of segments.”
He added: “Our sales and earnings trend in Q1 and our current order
level are supporting our optimistic view on the coming months.”
Summary of key points:
First-quarter EBITDA comes in at €285m, with non-recurring effects contributing to its increase of 73 percent on a year ago and 80 percent on Q4 2013.
Net income for Q1 2014 amounts to €64m.
Forecast unchanged: for full-year 2014, Wacker expects group sales to rise by a mid-single-digit percentage, with EBITDA climbing at least 10 percent above the prior-year level.
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More details in the 2800-word press release from Wacker