08.01.19
Evonik is sticking to its full-year outlook despite an increasingly gloomy economic environment. The company expects sales and adjusted EBITDA from continued operations to remain at least stable compared with last year. In 2018 Evonik generated - not including the divested Methacrylates business - sales of €13.3 billion and adjusted EBITDA of €2.15 billion.
In the second quarter of this year, sales declined 3% to €3.31 billion compared with the prior-year quarter. While sales volumes fell because of the weaker economy, Evonik was able to keep prices largely stable. Adjusted EBITDA fell 8% to €566 million in the quarter. In comparison to the first quarter of 2019, all three of the company’s chemical segments were able to improve their earnings. For the second half of the year Evonik expects a continued solid development.
“We are on track and confirm our forecast,” said Christian Kullmann, chairman of Evonik’s executive board. “The cooling of world trade and an increasing weakness in major industries isn’t making it easier. Still, we are confident for the remainder of the year.”
In the first half, free cash flow reached €95 million. That is more than double the amount in the first half of 2018 (€46 million).
“Strategically we have taken a big step forward with focusing our portfolio on specialty chemicals,” said Kullmann. “We invest in areas with stable and attractive growth perspectives and divest cyclical businesses when the time is right. That makes Evonik less exposed to economic cycles.”
In the second quarter of this year, sales declined 3% to €3.31 billion compared with the prior-year quarter. While sales volumes fell because of the weaker economy, Evonik was able to keep prices largely stable. Adjusted EBITDA fell 8% to €566 million in the quarter. In comparison to the first quarter of 2019, all three of the company’s chemical segments were able to improve their earnings. For the second half of the year Evonik expects a continued solid development.
“We are on track and confirm our forecast,” said Christian Kullmann, chairman of Evonik’s executive board. “The cooling of world trade and an increasing weakness in major industries isn’t making it easier. Still, we are confident for the remainder of the year.”
In the first half, free cash flow reached €95 million. That is more than double the amount in the first half of 2018 (€46 million).
“Strategically we have taken a big step forward with focusing our portfolio on specialty chemicals,” said Kullmann. “We invest in areas with stable and attractive growth perspectives and divest cyclical businesses when the time is right. That makes Evonik less exposed to economic cycles.”