Wacker lowers its business forecast due to low prices for solar silicon

German Wacker Chemie AG anticipates that »key financial performance indicators in fiscal 2019 will probably be weaker than previously forecast.« Group sales are expected to remain at the previous year's level (previous forecast: increase by a mid-single-digit percentage). EBITDA is expected to be around 30 percent below the previous year's level (previous forecast: 10 to 20 percent below the previous year's level). The annual result is expected to be slightly positive (previous forecast: significantly below previous year).
Rudolf Staudigl, CEO of Wacker, explained that »the extremely low prices for polysilicon continue to be the main reason for the lower expectations.« Market experts had firmly expected a price recovery for solar silicon in the second half of the year. »So far, however, average prices for this material have not improved; on the contrary, they continued to decline in the third quarter due to overcapacities among Chinese competitors.«
The official results for the third quarter are expected to be published on October 24, 2019.

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