MUNICH (dpa-AFX) - Specialty chemicals maker Wacker Chemie AG (WCH.DE) on Thursday reported lower earnings for the second quarter of the fiscal 2023, on weak demand in chemical business and also price impact. The company also slashed its full-year earnings and sales outlook.
Quarterly earnings fell 69.6 percent to 118.9 million euros from 390.3 million euros for the same period of last year. Earnings per share decreased 68.7 percent to 2.4 euros from 7.67 euros previous year.
EBITDA dropped 59.2 percent to 255.5 million euros from 625.8 million euros bringing down the EBITDA margin to 14.6 percent from 28.8 percent.
Revenue decreased 19.4 percent to 1.75 billion euros from 2.14 billion euros for the same period previous year.
Looking ahead to fiscal 2023, the company decreased its outlook on weak customer demand in many industries. It now expects EBITDA to be in the range of 800 million and 1 billion euros. Previously, it was expecting in the range of 1.1 billion and 1.4 billion euros.
Revenue is now expected to be between 6.5 billion and 6.8 billion euros compared to the previous projection of 7 billion-7.5 billion euros.
On Wednesday, shares of Wacker closed at 136.30 euros down 2.47% on the Stockholm stock exchange.
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