WIESBADEN (dpa-AFX) - SGL Carbon (SGLFF.PK) reported that its consolidated net profit for the first half of 2018 attributable to shareholders of the parent company was 47.3 million euros, compared to loss of 3.6 million euros in the year-ago period.
Earnings per share from continuing operations were 0.42 euros, compared to loss of 0.14 euros a year ago.
The company noted that the latest period's results were impacted by high positive one-time effects particularly relating to the initial adoption of IFRS 15 as well as in the first quarter of 2018 the complete acquisition of the former JVs with BMW Group and Benteler.
Group recurring EBIT nearly doubled to 44 million euros from 23 million euros in the prior-year period.
Sales revenue for the period grew 21.6 percent to 529.3 million euros from 435.3 million euros in the same period last year.
The company noted that nearly half of the increase in sales revenue was driven by strong organic growth in the market segments mobility, chemicals, industrial applications, and digitization.
Looking ahead, SGL Carbon announced a slight increase in guidance for sales revenue as well as recurring EBIT, and also raised its guidance for net result from continuing operations.
The company now expects Group sales for the full year to increase by slightly more than 10 percent, compared to its earlier forecast for an increase of about 10 percent.
Group recurring EBIT should continue to slightly outpace the now higher anticipated sales growth, driven by the positive effects of a noticeable increase in volume demand, the successful implementation of price increase initiatives in the business unit GMS, the additional contribution to earnings resulting from the full consolidation of the former joint venture SGL ACF, and cost savings.
SGL Carbon now projects net result for the year to be in low-to-mid double digit million euro range, compared to its earlier forecast for a low double digit million euro amount.
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