MUNICH (dpa-AFX) - Wacker Chemie AG (WKCMY.PK), German multinational chemical company, on Thursday posted a rise in its net income for the third quarter driven by high customer demand across all business divisions. The company's earnings beat the Street view. The firm has also raised its revenue guidance for the fiscal 2021.
The Munich-headquartered company posted a net income of 248.7 million euros or 4.90 euros per share for the September quarter, compared to 67.7 million euros or 1.30 euros per share, reported for the same quarter, last year.
Three analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at 4.08 euros. Analysts' estimates typically exclude one-time items.
The EBITDA of the chemical producer has moved up to 433.7 million euros for the three-month period, from 190.8 million euros, posted for the same 90-day period, year ago.
Owing to a rise in demand for the company products, Wacker reported its sales at 1.65 billion euros for the thirteen-week period, against 1.18 billion euros, recorded for the same July to September period of 2020.
For the quarter ended on September 30, despite persisting Covid-19 threat and related headwinds, all business divisions of the company have witnessed a rise in their sales. Wacker Silicones division generated its total sales at 680.2 million euros, against 547.7 million euros, posted for the same thirteen-week period of last fiscal.
Sales at Wacker Polymers division rose by 38 percent to 468.8 million euros, followed by Wacker Biosolutions, whose sales increased by 36 percent to 78 million euros, and Wacker Polysilicon which also reported a rise in its sales by 94 percent to 408.9 million euros, compared to the same 90-day period of 2020.
Analysts', on average, had expected the firm to report a revenue of 1.55 billion euros for the July to September period.
Amidst positive market cues and a firm demand for chemical products, the German company raised its guidance. For the fiscal 2021, now it expects its sales at around 6 billion euros, against its previous guidance of 5.5 billion euros.
It has also projected its EBITDA for the current fiscal in a range of 1.2 billion euros - 1.4 billion euros, versus its previous projection range of 900 million euros -1.1 billion euros.
Analysts', on average, now expect the firm to post a revenue of 5.94 billion euros for the fiscal year 2021.
On XETRA, Wacker Chemie AG had closed up by 1.97 percent at 155.65 euros per share, on Wednesday, compared to its previous close of 152.65 euros per share.
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