Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Wacker Chemie Says Polysilicon Demand ‘Noticeably’ Higher

April 30 (Bloomberg) -- Wacker Chemie AG, the fourth-biggest maker of polysilicon, posted quarterly earnings in line with estimates and said demand for the component for solar panels was “noticeably” higher than in the previous period.

Earnings before interest, taxes, depreciation and amortization in the first quarter fell 23 percent from a year earlier to 164.5 million euros ($215.5 million), the Munich-based company said today in a statement. Analysts surveyed by Bloomberg had predicted 166.9 million euros.

Wacker reiterated a full-year forecast for sales to remain at last year’s level while earnings will fall due to lower prices for solar silicon and semiconductor wafers. The company’s shares have gained by about a third from a record low in November that was triggered by increased competition from Chinese suppliers and lower polysilicon prices.

“After last year’s weak fourth quarter, Wacker Chemie is experiencing noticeably higher customer demand,” according to the company. “Solar-silicon prices remain a major challenge,” Chief Executive Officer Rudolf Staudigl said in the statement.

The shares rose as much as 4.5 percent to 55.64 euros in Frankfurt trading and were up 3.4 percent at 55.07 euros as of 9:21 a.m. local time. The company has a market value of 2.9 billion euros.

First-quarter sales fell 9.9 percent to 1.08 billion euros while net income attributable to shareholders declined 90.5 percent to 4.1 million euros.

“In view of the general situation, Wacker got off to a satisfactory start in 2013,” Staudigl said. “While 2013 on the whole will not be an easy year for Wacker, we are well-positioned, even in a difficult business environment.”

The manufacturer is majority-owned by the founding family’s holding company.

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net

To contact the editor responsible for this story: Simon Thiel at sthiel1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.