The specialty chemicals company Evonik expects its operating result in the second quarter to be on a par with the previous quarter.

"For the current second quarter, Evonik expects adjusted EBITDA to be roughly on a par with the first quarter," the Essen-based company announced on Wednesday. Evonik was able to increase adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from January to March to around €522 million (previous year: €409 million), the Essen-based company announced in mid-April. Evonik had thus exceeded the estimates of analysts, who had only expected an average of around €450 million according to data from Vara Research.

The Specialty Additives Business Line, whose products are used in mattresses and floor coverings, for example, and the Nutrition & Care Business Line made significant gains. The latter produces supplements for animal fattening, among other things. Overall, the Essen-based group earned 160 (49) million euros in the first quarter, thanks in part to its cost-cutting program.

However, turnover shrank due to lower sales prices, which fell as a result of lower raw material prices. According to preliminary calculations, it amounted to around 3.8 billion euros in the first quarter. A year ago, it was still four billion euros. The Essen-based company confirmed its forecast for the year. Evonik continues to expect adjusted EBITDA of between €1.7 billion and €2.0 billion and sales of between €15 billion and €17 billion in 2024.

(Report by Matthias Inverardi, edited by Sabine Wollrab. If you have any queries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)