(RTTNews) — German specialty chemical firm Evonik Industries AG (EVK.DE) reported that its first-quarter net income fell 85% to 47 million euros from 314 million euros in the previous year.
The company said the first quarter was characterized by muted economic activity and weak demand, especially with customers still destocking in the first weeks of the new year.
Adjusted net income for the first quarter was down 115 million euros from 356 million euros in the previous year.
Earnings before interest and taxes, depreciation and amortization fell 44 percent from the prior year to 409 million euros.
Sales for the first quarter fell 11 percent from last year to 4.0 billion euros. Volume declined by 14 percent. Higher prices offset some of the loss and offset the effects of inflation.
Evonik reaffirms its earnings forecast for 2023 despite a difficult first quarter.
For fiscal year 2023, Evonik expects adjusted EBITDA at the low end of a forecast range of EUR 2.1 billion to EUR 2.4 billion. This is due to the falling prices of animal feed additive methionine and C4 series products.
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