Revenues slightly up: Umicore publishes trading update for Q3/ 2014

Quelle: Umicore AG

Brussels — Revenues of Umicore Group in Q3 2014 were up slightly (+1 percent) compared to the same period in 2013. Revenue growth in Catalysis was driven by the sales of catalysts for heavy duty diesel applications. Energy Materials’ growth was primarily due to higher revenues in the Cobalt & Specialty Materials activities. Revenues in Performance Materials were down mainly due to lower activity in the European construction sector. Recycling revenues were up as a result of higher processed volumes. The investments made in the Hoboken recycling plant during the summer were completed successfully and the throughput at the plant has been increased.

Revenues for the business unit Automotive Catalysts were slightly up year on year. Higher revenues for heavy duty diesel (HDD) catalysts, were partly offset by an unfavourable mix in light duty vehicles. In this segment global production rose by 3 percent, driven by strong growth in China and North America. Umicore’s volumes of catalysts for passenger cars were in line with the market. Revenues, however, were down due to an unsupportive regional and engine mix.

Revenues for the business unit Precious Metals Chemistry were lower than in the same period last year. Sales volumes of precursors used in catalytic applications were lower as a result of continued weakness in the Brazilian automotive market. Overall demand for organic compounds used in the bulk chemical and life science sectors was stable. Sales of API’s (Active Pharmaceutical Ingredients) continued to grow and an expansion of production capacity in Argentina has recently been completed.

Revenues and sales volumes of Rechargeable Battery Materials were slightly lower year on year due to changing seasonal demand patterns in portable electronics. Year to date volumes and revenues remain well ahead of 2013.

Revenues for the business group Recycling were up 2 percent due to higher processed volumes in Precious Metals Recycling and increased demand in Jewellery & Industrial Metals. This more than offset a lower contribution from Precious Metals Management and the impact of lower prices for most metals.

Revenues for the business unit Precious Metals Management were below the level of last year. Prices for most metals were down and an additional severe price decline was seen in September for gold, silver and platinum. The contribution of the trading activity was reduced due to unfavourable trading conditions and lower metal prices.

Umicore continues to expect full year recurring EBIT to be in the upper half of the range of € 250 million to € 280 million as stated at the end of July.

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Source: Umicore Group