Q3 Trading Update
Revenues were up 10% compared to the third quarter last year, with strong underlying growth in Catalysis and Energy & Surface Technologies more than offsetting the impact of lower metal prices on the recycling activities.
Growth in Catalysis was driven mainly by positive volume and product mix effects in Automotive Catalysts. The revenue increase in Energy & Surface Technologies reflected solid volume growth in Rechargeable Battery Materials and higher revenues in Cobalt & Specialty Materials. Revenues in Recycling were impacted by lower metal prices and the extended shutdown in Precious Metals Refining.
Growth investments in Automotive Catalysts and Rechargeable Battery Materials are on or ahead of schedule. The program to increase capacity by 40% in Hoboken is on track.
Net debt increased over the quarter due to interim dividend payments of € 50 million and share-buy backs of € 32 million.
Umicore expects its full year recurring EBIT to be towards the middle of the previously stated range of € 310 million to € 340 million.
Note: All comparisons are made with the third quarter of 2014, unless mentioned otherwise.