Evonik Industries AG Announces Strong Preliminary Results for Q1 2024

Evonik Industries AG released its preliminary financial outcomes for the first quarter of 2024, revealing a significant increase in adjusted EBITDA and exceeding market expectations. The chemical company reported an adjusted EBITDA of approximately €522 million, a substantial rise from €409 million in the same quarter the previous year. This result surpassed the analysts' consensus of about €450 million.

The notable growth was primarily observed in the Specialty Additives and Nutrition & Care divisions, attributed to increased sales volumes. This marks a positive shift after seven consecutive quarters of volume decline. The company pointed out that a slight upturn in end consumer demand and restocking due to low inventory levels at customers were key factors behind the volume increase.

Despite the success in EBITDA, total sales dropped to €3.796 billion from €4.0 billion in the prior-year period, mainly due to lower sales prices influenced by reduced raw material costs. This figure was slightly below the expected €3.883 billion. Looking forward, Evonik anticipates an adjusted EBITDA ranging between €1.7 billion and €2.0 billion for the year, with sales projections between €15 billion and €17 billion.

The company is scheduled to release its final figures and complete quarterly report on May 8, 2024.