After last year's weak fourth quarter, Wacker Chemie is experiencing noticeably higher customer demand. Wacker posted higher volumes in Q1 2013, especially in polysilicon, but in many chemical products as well. Sales and earnings were both markedly higher than in Q4 2012. As already expected, however, the Munich-based chemical company did not match the prior-year quarter's figures. Wacker posted sales of €1,076.3 million between January and March 2013 - down about 10% from a year ago (€1,194.3 million). The low price levels for solar silicon and semiconductor wafers were the principal reason why sales did not reach the Q1 2012 figure. Compared with the previous quarter (€1,017.2 million), however, sales were up 6%.

In the quarter under review, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €164.5 million, down almost 23% from a year ago (€213.3 million), but up 23% on Q4 2012 (€133.9 million). The EBITDA margin for the quarter came in at 15.3%, compared with 17.9% in Q1 2012 and 13.2 percent in Q4 2012. The Group's earnings before interest and taxes (EBIT) amounted to €32.2 million in the first quarter of 2013 (Q1 2012: €83.9 million), thereby yielding an EBIT margin of 3.0% (Q1 2012: 7.0 percent). Net income for the quarter under review was €5.1 million (Q1 2012: €41.8 million) and earnings per share amounted to €0.08 (Q1 2012: €0.87).

Wacker's earnings trend from January through March was once again shaped by the low price level for polysilicon. Solar-silicon prices in the first three months of 2013 were substantially below their prior-year levels. For silicon wafers, average prices were 7% below Q1 2012. In contrast, the three chemical divisions' combined EBITDA was up over 5% year on year. Positive factors here included higher volumes for silicone products and dispersible polymer powders.

First-quarter EBITDA included €32.2 million (Q1 2012: €36.6 million) in retained advance payments and damages for terminated contracts with polysilicon customers. Savings in material and personnel expenses also improved the quarter's EBITDA.

For full-year 2013, Wacker's forecast remains unchanged. The company expects to generate total sales at the prior-year level (€4.63 billion). EBITDA for fiscal 2013 is projected to fall short of the previous year's figure (€787 million).