Forecast for 2021 upgraded after strong Q1 / Adjusted EBITDA jumps 15% in January-March
Company headquarters in Essen / Germany (Photo: Evonik)
Speciality chemicals producer Evonik (Essen / Germany; www.evonik.com) has upwardly revised its outlook for 2021 following the higher demand that drove strong first-quarter sales and earnings. For 2021, the company said it expects adjusted EBITDA of EUR 2.1 bn to EUR 2.3 bn following an earlier estimate with a lower end of EUR 2.0 bn. The sales forecast remains at EUR 12 bn to EUR 14 bn (see Plasteurope.com of 12.03.2021). In 2020, adjusted EBITDA was EUR 1.91 bn and sales totaled EUR 12.2 bn.

In the first quarter of the current year, turnover rose 3.5% to EUR 3.36 bn and adjusted EBITDA jumped 14.6% to EUR 588m. Adjusted net income soared nearly 32% to EUR 239m.

At Specialty Additives, the division for TPU foam surfactants, cross-linkers and additives, first-quarter sales added 6.5% to EUR 907m on the back of considerable growth in additives for the coatings industry. Adjusted EBITDA improved 14% to EUR 273m. Higher demand for durable goods is said to have boosted the turnover of additives for polyurethane foams, and demand for additives for the construction industry remained robust. Renewable energy products saw significantly more demand, especially in Asia.

Revenue at the Smart Materials segment accelerated 6% to EUR 909m, while adjusted EBITDA increased 4% to EUR 173m. The company’s tyre silica business profited from a global economic upturn. The inclusion of Porocel, which was acquired in November 2020, benefited Evonik’s catalyst business. High-performance polymers saw good demand from the automotive industry. Sales of polyamide 12 powder also improved. The division, created in May 2020, includes high-tech polymers such as PA 12, special polybutadienes and polyesters as well as compounds and composites based on them (see Plasteurope.com of 10.03.2020).

At Performance Materials, home of the integrated C4-technology platform, super absorbent polymers and alkoxides, revenue fell 1% to EUR 580m. Sales of C4 products were offset by developments in the super-absorbents business, which had lower production output as a result of severe weather. Adjusted EBITDA more than doubled to EUR 42m.
14.05.2021 Plasteurope.com [247630-0]
Published on 14.05.2021
Evonik: Zuwächse in allen kunststoffrelevanten SpartenGerman version of this article...

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Date of print: 05.10.2022 03:42:29   (Ref: 545830351)
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