Umicore: maintains outlook, despite rising automotive demand

(CercleFinance.com) - Umicore reported a 22% rise in furst-half earnings on Tuesday, driven by growing demand for cathode materials for rechargeable batteries used in automotive applications, with the group maintaining its outlook for 2018.


The Belgian metals and specialty materials maker announced that first-half recurrent net profit grew to 163 million euros, from 134 million euros in first-half 2017.

Revenues reached 1.7 billion euros, up 16%, while recurring EBIT rose by 28% to 261 million euros.

Umicore repeated its full-year forecast of recurrent earnings before interest and tax of between 510 million and 550 million euros.

Its Brussels-listed shares are currently down 6.6% at 49.6 euros after this publication.

Copyright (c) 2018 CercleFinance.com. All rights reserved.