August 9, 2018 / 8:00 PM / a year ago

K+S says 2018 profit may miss market expectations

BERLIN (Reuters) - German potash miner K+S said on Thursday earnings this year may fall short of analyst expectations, though still significantly beat its 2017 result.

K+S, in a statement published after trading hours, said it now expects earnings before interest, taxes, depreciation and amortization (EBITDA) to hit between 660 and 740 million euros ($853.66 million), compared with 577 million reached in 2017.

“This range misses the current market expectations” with a consensus EBITDA result of 797 million euros, the Kassel-based firm said.

Listed on the MDAX index of Germany’s 50 biggest companies below the blue-chip DAX index, K+S had previously projected a “significant increase” in EBITDA but never gave a specific target.

Separately, K+S said EBITDA rose to 105.1 million euros in the second quarter from 101.9 million a year ago, adding it continues to target positive cash flow in 2019.

Reporting by Andreas Cremer

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