MUNICH, Germany—Wacker Chemie A.G. reported increased net income and sales for the second quarter 2014.
Wacker's net income for the quarter was about $39.3 million, up from about $20.2 million in 2013.
The company generated second quarter 2014 sales of about $1.66 billion, about an 8 percent increase from 2013, which was about $1.54 billion. Wacker attributed the increase primarily to substantially higher volumes.
All five business divisions generated both year-on-year and quarter-on-quarter sales growth.
Wacker said the results allowed it to compensate for the price pressure in some product segments in addition to unfavorable effects of weaker dollar and yen exchange rates compared to 2013.
The increase in second-quarter earnings before interest, taxes, depreciation and amortization outpaced sales growth. It climbed to about $306.7 million—almost 22 percent more than 2013.
Earnings before interest and taxes came in at about $109.7 million for the second quarter, a year-on-year increase of around 56 percent that yielded an EBIT margin of 6.6 percent.
The firm has upgraded its earnings forecast for full-year 2014. Full-year 2014 EBITDA is now expected to be at least one-third higher than in 2013, which was about $907 million.
Wacker had previously projected that it would exceed the prior-year figure by at least 10 percent. The company continues to expect to post a mid-single-digit percentage increase in group sales, which were about $6 billion in 2013.