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German firm Wacker Chemie AG (ETR:WCH) said today second-quarter sales at its polysilicon division were down from both the previous and the prior-year quarters due to lower polysilicon prices.
In spite of an increase in volumes, the division's sales fell 9% and 8% on year-on-year and quarter-on-quarter basis, respectively, to EUR 246.7 million (USD 288.7m).
Wacker Polysilicon generated earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 71.3 million, a decline of 8% from a year back. EBITDA, however, was generally in line with the level in the previous quarter as the company said it managed to counter the decline in polysilicon prices with cost reductions. The business' EBITDA margin improved to 28.9% from 28.5% in the second quarter of 2016 and 26.3% in the first quarter of 2017.
Overall the group's sales inched up 2% to EUR 1.22 billion and net profit climbed to EUR 60.5 million from EUR 58.9 million. Wacker raised its annual earnings forecast for its silicones division and confirmed the outlook for the other units.