KASSEL / LONDON (IT BOLTWISE) – The fertilizer and salt manufacturer K+S was able to increase its sales in the third quarter despite a decline in production volumes. This is primarily due to the persistently high prices for high-margin products. Although analysts had expected higher sales, the operating result exceeded estimates.
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The fertilizer and salt group K+S benefited from the continued high prices for high-margin products in the third quarter. Despite a decline in production volumes due to maintenance work, sales increased by 1.5 percent to 879 million euros compared to the previous year. Earnings before interest, taxes, depreciation and amortization (Ebitda) increased by around two thirds to 111 million euros, which exceeded analysts’ expectations.
In the area of fertilizers for agriculture, K+S was able to benefit from slight price increases both in Europe and overseas. The second division, which produces products for the chemical, industrial and pharmaceutical sectors, experienced weak demand, but this was offset by sales of de-icing salt. The prices for special products remained at a high level and were able to be increased further in some cases.
The group management under Christian Meyer has narrowed down the annual profit outlook, with the midpoint of the range remaining unchanged. An operating profit of between 570 and 630 million euros is targeted for the year as a whole. This adjustment depends on potash fertilizer production in the final quarter, gas prices and weather, as winter weather increases demand for de-icing salt.
The K+S share price was initially volatile on the stock market, but fluctuated between slight gains and losses. In the afternoon, the share was one of the better stocks in the MDAX with a premium of 1.5 percent. Analyst Angelina Glazova from JPMorgan bank called the quarterly figures solid, but pointed out that the range of the annual profit target remains quite wide, which somewhat reduces the shine of the results.
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