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Evonik beats quarterly profit forecast citing cost cuts

Aug 4 – German chemicals group Evonik Industries reported on Tuesday higher-than-expected quarterly adjusted core profit, saying portfolio changes and its efficiency programs partially offset the effects of the coronavirus pandemic.

Second-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-offs, fell 19% to 456 million euros ($537 million), the company said, above an analysts’ forecast of 416 million euros in a company-provided poll.

The company, which makes chemicals used in products ranging from amino acids used in animal feed to super-absorbers for diapers, confirmed its 2020 outlook of sales between 11.5 billion and 13.0 billion euros, and adjusted EBITDA of between 1.7 billion and 2.1 billion euros. ($1 = 0.8497 euros) (Reporting by Bartosz Dabrowski in Gdansk Editing by Tomasz Janowski)

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