Essen, Germany – Polyurethane additives company Evonik has updated its level of predicted EBITDA from EUR1.7–2.1bn to EUR1.8–2bn. This is on expected sales of between EUR11.5bn and EUR13bn.
According to the preliminary numbers, EBITDA in the third quarter this year is EUR519m '[This is] clearly above market expectations… an improving month-on-month trend has become apparent,' the company said.
Earnings were driven by improved performance in the specialty additives and smart materials business divisions.
Across the business, third quarter sales were EUR2.9bn, compared with EUR3.2bn in 2019. Adjusted quarterly net income fell from EUR195m in 2019 to EUR186m in the latest quarter.
A full financial report for the quarter will be published in early November.