German chemicals company Evonik lifts outlook after solid quarter

Evonik Industries, a German speciality chemicals company, on Monday said it currently expects adjusted earnings before interest, taxes, depreciation, and amortization, or adjusted EBITDA, for the second quarter to be €578 million ($630 million).

That was above market expectations of €531 million.

"In addition to continued strict cost discipline, good volume development in Speciality Additives, as well as a price recovery in Animal Nutrition and lower production costs were drivers of the sequential increase," the Essen-based company said in a statement.

Subsequently, Evonik has raised its full-year adjusted EBITDA outlook to €1.9 billion to €2.2 billion from the previous guidance of €1.7 billion to €2 billion.

On a preliminary basis, sales for the second quarter of €3.9 billion were just around the level of the previous year.