(Reuters) - Wacker Chemie's fourth quarter earnings before interest, taxes, depreciation and amortization (EBITDA) fell short of consensus expectations, the German chemicals group said on Monday.
According to preliminary figures, the Munich-based firm achieved an EBITDA of 360 million euros ($390.67 million) for the fourth quarter, 14% less than forecast according to a Vara consensus, which saw it at 420 million euros.
Wacker Silicones saw its yearly EBITDA rise by 58% year-on-year, climbing to 875 million euros, thanks to better selling prices for silicones as well as an ever-increasing share of high-margin speciality products in its portfolio, the firm said.
Wacker Chemie, one of the world's biggest suppliers of solar-grade polysilicon, has benefited from strong demand and high prices for the material, the supply of which has growin tighter due to production issues and maintenance shutdowns.
The chemicals maker increased capital expenditures to 545 million euros in 2022, up more than a half year on year, focusing on expanding the capacity of the firm's four business divisions.
($1 = 0.9215 euros)