May 7, 2019 / 4:49 AM / 14 days ago

Evonik Q1 profit slips on start-up costs

FRANKFURT, May 7 (Reuters) - Adjusted core earnings at German chemicals group Evonik slipped 3 percent, dragged lower by start-up costs for new production facilities and a temporary bottleneck in the supply of raw materials, the company said on Tuesday.

First-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for one-off items came in at 539 million euros ($604 million), broadly in line with the average analyst estimate of 535 million euros.

Evonik said it was now targeting adjusted EBITDA in 2019 to at least reach last year’s level of 2.15 billion euros, no longer including its methacrylates unit - the maker of plastics for clear acrylic sheet that it is selling to buyout group Advent.

But it has not yet taken the $625 million purchase of bleaching agents maker PeroxyChem into account for the guidance.

Evonik previously said adjusted EBITDA in 2019 would be flat at best or decline by as much as 10 percent, but that guidance included the methacrylates business.

$1 = 0.8924 euros Reporting by Ludwig Burger Editing by Thomas Seythal

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