Evonik Releases Preliminary Second Quarter Financial Results
Evonik published preliminary figures for the second quarter. The company expects adjusted EBITDA of between €430 and 450 million, a slight improvement compared with the first quarter (€409 million). Strict contingency measures had a supportive effect on earnings. However, the lack of an economic recovery means that earnings fell short of Evonik’s expectations. Compared with the prior-year period, adjusted EBITDA fell by around 40%.
"During the first quarter, there were signs of a business recovery for the remainder of the year," says Christian Kullmann, Chairman of the Executive Board. "Unfortunately, the recovery turned out to be much weaker in May and June than we had expected. Our contingency measures prevented a more significant earnings decline, but we are feeling the effects of a slowing global economy."