BERLIN (dpa-AFX) - Evonik (EVK.DE) reported Q3 sales of €3.87 billion, up 33% compared to last year, reflecting continued positive demand dynamics across all divisions.
Adjusted net income increased 45% to €269 million with adjusted earnings per share rising from €0.40 to €0.58.
Improved business performance led to a 68% increase in free cash flow in the quarter to €524 million. As a result, free cash flow reached a record level of €937 million in the first nine months.
'We continued to grow strongly in the third quarter,' said Christian Kullmann, chairman of the board of management. 'All four chemical divisions benefited from increased demand. We were able to completely compensate for higher raw material, energy and logistics costs by raising our prices.'
The company now expects full-year adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) of about €2.4 billion. This is the upper end of the previous range of €2.3 billion - €2.4 billion that Evonik had expected mid-year. Sales is projected to reach the upper end of the forecast range - €14.5 billion. Previously, Evonik had expected €13 billion - €14.5 billion.
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