Evonik's adjusted profit drops on lower product prices
FRANKFURT Oct 31 (Reuters) - German chemicals company Evonik posted a 26 percent drop in adjusted core earnings, hit by lower prices for its animal feed ingredients and specialty plastics.
Third-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to 518 million euros ($713.3 million), it said on Thursday, which still exceeded the 499 million euro average estimate in a Reuters poll of analysts.
Evonik, which had its stock market debut on April 25 and is listed on Germany's mid-cap index MDAX, said it still expects 2013 sales to be around 13 billion euros, the same as a year earlier, and adjusted EBITDA of about 2 billion euros.
($1 = 0.7262 euros) (Reporting by Ludwig Burger)
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