BERLIN (dpa-AFX) - Sudzucker AG (SZU.DE), a German sugar manufacturing company, on Thursday, announced that it expects an increase in its earnings for the second quarter compared to the prior year.
The company said it expects an increase in consolidated EBITDA compared to the previous year when the EBITDA was 230 million euros.
The increase in the forecast is largely due to the sugar segment. Sugar, Special Products, Crop energies, starch, and fruit are the five segments of the company.
Looking ahead to the full year of 2023, the company now expects EBITDA to be between 1.2 billion and 1.4 billion euros from the previous guidance of 1.1 billion euros.
It has increased revenue guidance to be between 10.4 billion to 10.9 billion euros from 9.5 billion euros previously.
'The war in Ukraine led to an increase in the already high volatility on the sales markets and price increases on the procurement markets, especially in the areas of raw materials and energy. Despite the currently reduced volatility, the economic and financial effects, the security of supply, and the duration of this temporary exceptional situation with a view to the entire 2023/24 financial year are still difficult to assess.', the company noted.
Sudzucker will publish its second-quarter results with its half-year financial report on October 12.
Currently, shares of Sudzucker are trading at 17.14 euros down 0.81% or 0.14 euros on the Xetra Stock Exchange.
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