Essen, Germany — Evonik posted sales of were EUR 3.2 bn in the third quarter of 2019. This is lower by 3% than the same period in 2018.
Adjusted EBITDA across the business fell 6% and hit EUR 543m the third quarter of 2019.
'The global economic downturn continued hit the company's performance in the third quarter. Some businesses registered 'a perceptible drop in volumes. This is as a result of lower global demand, especially from the automotive and coatings industries,' the company said. It added that 'the earnings situation is challenging.'
The company's nutrition and care business contains polyurethane additives but is dominated by animal feed and pharmaceutical products. Sales in the business fell by 2% between the third quarter of 2018 and 2019. They were EUR 1.1bn in the third quarter of 2019. This compares with EUR 1.167bn the third quarter 2018.
At the same time, adjusted EBITDA in the division declined by 11%%. It hit EUR 1.14bn in the third quarter of 2019. This compares with EUR 212m the 2018 period.
But polyurethane additives were a bright spot in the quarter. This business posted a significant increase in sales. The drop in demand from the automotive industry was 'more than offset by high demand from consumer durables and insulation.'