04 November 2010 07:22 [Source: ICIS news]
Correction: In the ICIS news story headlined “Wacker Q3 net profit surges to €155.6m on record sales" dated 4 November 2010, please read the headline as “...profit surges to €155.8m…”instead of “...profit surges to €155.6m…”
SINGAPORE (ICIS)--German producer Wacker Chemie reported on Thursday a sharp increase in third-quarter net profit to €155.8m ($219.4m) from €35.9m in the same period last year, as sales surged to a record high, thanks to "strong and sustained" demand.
Sales for the three-month period rose 28.7% year on year to €1.27bn, while earnings before interests, taxes, depreciation and amortisation (EBITDA) soared 85% to €340m, the company said in a statement.
At its polymers segment, sales grew 13% to €225.8m, mainly due to volume increases for dispersible powders and dispersions, it said.
For the first nine months of this year, the company posted a 27.1% year-on-year increase in sales to €3.54bn, while it reported a net profit of €397.1m against a €33.1m net loss in the same period last year.
The increase was fuelled by higher sales volumes, the company said, adding that customer demand was unusually strong this year.
Wacker said it revised up its full-year sales and earnings forecast in view of the strong September-quarter performance. It said it now expects its consolidated sales to exceed €4.6bn, with EBITDA surpassing €1.1bn this year.
“Every division is experiencing strong demand for Wacker products. Even if demand edges down over coming months, which seems likely, market conditions will remain favourable,” said Wacker CEO Rudolf Staudigl.
“The outlook is good for increasing our sales again next year,” he added.
($1 = €0.71)
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