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UPDATE 1-Wacker Chemie raises outlook again after strong Q3
October 26, 2017 / 6:09 AM / 23 days ago

UPDATE 1-Wacker Chemie raises outlook again after strong Q3

* Now sees EBITDA of 1 bln eur in 2017

* Q3 EBITDA up 13 pct at 298 mln eur vs 268 Rtrs poll

* Shares indicated 2.6 pct higher (Recasts, adds context on results, shares)

FRANKFURT, Oct 26 (Reuters) - German specialty chemicals maker Wacker Chemie on Thursday raised its outlook for the second time in three months, pointing to “markedly higher” demand for its products, including polysilicon used in the solar industry.

“Our robust performance more than compensated for the headwinds from markedly higher raw-material prices and a stronger euro,” Chief Executive Rudolf Staudigl said in a statement.

Wacker Chemie now expects earnings before interest, tax, depreciation and amortisation (EBITDA) of 1 billion euros ($1.18 billion) in 2017, compared with a previous guidance of 900-935 million euros.

The upgrade came on the back of better than expected third-quarter results, including a 13-percent increase in EBITDA to 298 million euros that was higher than the 268 million average analyst forecast in a Reuters poll.

Shares in Wacker Chemie were indicated 2.6 percent higher at the top of Frankfurt’s midcap index.

Results were also boosted by a strong performance at Siltronic, Wacker Chemie’s former silicon wafer unit in which it still holds a 30.8 percent stake and which also reported third-quarter results on Thursday.

Siltronic, which was listed separately in 2015, also raised its outlook for the second time since early July, now expecting an EBITDA margin of at least 29 percent, up from a previous target of at least 27 percent.

$1 = 0.8451 euros Reporting by Christoph Steitz; Editing by Victoria Bryan and Maria Sheahan

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