(Adds more details during, co-CEOs quote)
AMSTERDAM, May 5 (Reuters) – Dutch speciality chemicals company DSM on Wednesday raised its outlook for 2021, as a powerful recovery of demand because of its industrial materials helped its first-quarter results beat expectations.
Restocking by automobile makers and electronics manufacturers boosted demand for DSM’s plastics, the business stated, while the easing of lockdowns throughout the world lacked sales of its own protective substances.
“The strong recovery of our Materials business at the end of last year has continued,” co-CEOs Geraldine Matchett and Dimitri de Vreeze stated in a statement.
“Our increasing confidence in the recovery, combined with our unchanged positive outlook for Nutrition, leads us to increase our overall outlook.”
DSM, whose products include vitamins and food supplements to materials used in building, clothing and cars, said it now expects adjusted EBITDA expansion”moving towards the mid-teens” this past year.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) increased 13percent in the first 3 months of this year to 441 million euros ($530 million), as sales rose 7 percent to two. 19 billion euros.
Analysts polled by the business on average had expected core earnings of 423 million euros, with a 5 percent boost in earnings.
$1 = 0. 8319 euros Reporting by Bart Meijer; Editing by Tom Hogue and Uttaresh.V