German chemicals group Evonik Industries (EVKn.DE), opens new tab on Tuesday reported preliminary first-quarter core profit above market expectations, citing higher sales volumes in its Specialty Additives and Nutrition & Care divisions.
The company posted adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 522 million euros ($554.05 million) in the quarter, beating by 16% the forecast of analysts in a Vara Research poll of 450.4 million euros.
Evonik's chemicals are used in products from cars to animal feed, as well as in Pfizer and BioNTech's COVID vaccine. The specialty chemicals maker also published Q1 sales of 3.8 billion euros, slightly below analysts' expectations of 3.9 billion, as lower raw material costs caused sales prices to decline.
Evonik confirmed its outlook for the current year released in March, when the company also announced plans to cut around 2,000 jobs worldwide by 2026.
Final results will be published as planned on May 8, the company added.
