Wacker Chemie raises 2022 sales outlook on price increases

div classBodysc17zpet90 cdBBJodivpReuters – German chemical company Wacker Chemie AG raised its 2022 sales forecast on Thursday, citing price increases due to rising energy and raw material costs.p

pThe speciality chemicals maker now expects 2022 revenue of about 7.5 billion euros 7.9 billion in 2022, up from a previous forecast of 7 billion euros.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pFaced with rising energy costs and disrupted supply chains, more chemical companies, including Lanxess and Evonik, which also beat quarterly expectations in April, are deciding to pass on increasing costs to customers.p

pWacker reaffirmed its fullyear earnings before interest, taxes, depreciation and amortisation EBITDA forecast between 1.2 billion euros and 1.5 billion euros, adding that it expects EBITDA to trend towards the upper end of the range.p

p“Our growth strategy … contributes substantially to strengthening Wackers resilience and ensuring that it remains robust in the face of current macroeconomic challenges,” Chief Executive Officer Christian Hartel said.p

pIn March, the company said direct impact on its volume side due to the conflict in Ukraine would be limited as all Commonwealth of Independent States countries combined make up less than 2 of Wackers sales.p

pThe company reported firstquarter EBITDA of 643.7 million euros, beating companyprovided estimates of 595.9 million euros.p

p1 0.9509 eurosp

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pp Reporting by Bartosz Dabrowski in Gdansk Additional reporting by Antonis Pothitos Editing by Miranda Murray and Shounak Dasguptap

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