Higher polysilicon prices improve Wacker’s financials

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Wacker’s manufacturing facility in Germany.

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From pv magazine Germany

German chemical company Wacker Chemie AG posted solid business results in the second quarter. In contrast to the same quarter of the previous year – when the effects of the corona pandemic depressed the numbers significantly – the company achieved a 40% sales increase with revenue reaching €1.5 billion. This result also improves the performance of the first quarter of the year by 10%.

Earnings before interest and taxes (EBIT) reached €233.7 million, up 1.8% year-on-year and 51% quarter-on-quarter.

“The main reason for this strong growth was the significantly higher year-on-year sales volumes and prices for solar silicon,” said the company. For its polysilicon division, the company reported total sales of €352.9 million in the second quarter, more than double the figure for the same period last year. The EBITDA was €148.7 million euros – after a loss of 35 million euros in the second quarter of 2020. The main reasons for this increase were the higher prices for the polysilicon as well as efficiency measures in production and a reduction in manufacturing costs.

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Overall, the management board confirmed the increase in the annual forecast that had already been announced in mid-June. Sales of around €5.5 billion euros are expected for the current financial year – after recording €4.69 billion euros in the previous year. EBITDA is expected to be between €900 million and €1.1 billion. “The continued good prices for polysilicon and strong demand in the chemical sectors are the reasons for the higher expectations,” said Wacker Chemie. Higher raw material prices and negative currency effects have been taken into account in the current forecast.

“We are on a very good course by the middle of the year and 2021 can be an excellent year for Wacker,” said CEO Christian Hartel. “Our polysilicon business developed particularly well. A key driver here is the high quality of our material for highly efficient solar cells and for the semiconductor industry, combined with very strong demand from our customers in a tight market. “

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