MUNICH (dpa-AFX) - Wacker Chemie AG (WKCMY.PK, WKCMF.PK) reported strong results for the second quarter, and confirmed its financial forecast for the full year.
The company reported second-quarter net income of EUR 178.8 million or EUR 3.50 per share compared to EUR 4.5 million or EUR 0.07 per share last year.
Group EBIT totaled EUR 233.7 million in the reporting quarter versus EUR 1.8 million reported a year ago. That was an increase of EUR 231.9 million and yielded an EBIT margin of 15.6%.
In Q2 2021, WACKER posted EBITDA of EUR 326.6 million, triple the figure for the same period of last year's EUR 105.4 million, largely due to substantial year-over-year growth in both volumes and prices of solar-grade polysilicon.
The Munich-based chemical company generated sales of EUR 1.50 billion in the reporting quarter, an increase of 40%, compared to EUR 1.07 billion generated in the prior year period.
Looking ahead, the company confirmed its full-year forecast, which it had revised upward on June 16. It now expects full-year sales to amount to around EUR 5.5 billion. The company had previously projected sales growth in the low double-digit percentage range.
EBITDA is expected to come in at between EUR 900 million and EUR 1.1 billion in 2021. Previously, WACKER had expected an increase in EBITDA of between 15% and 25% over last year.
'We are well on track at the mid-year point and we remain confident that 2021 could prove to be an excellent year for WACKER,' said CEO Christian Hartel in Munich on Thursday. 'Our polysilicon business has been performing particularly well, fueled largely by the high quality of our product for both highly efficient solar cells and semiconductor applications, and by strong customer demand in a tight market.'
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