Wacker Chemie’s sales, earnings fall in tough market

German chemical group Wacker Chemie says its sales fell 22% year on year to €6.40 billion ($6.9 billion) in 2023. Its polysilicon division contributed EUR 1.6 billion to sales, down from EUR 2.29 billion in the preceding year.

Wacker Chemie’s 20,000 metric tonne polysilicon facility in Tennessee, US.

Image: Wacker Chemie

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From pv magazine Deutschland

Munich-based Wacker Chemie recorded a significant year-on-year decline in sales and earnings in 2023 due to the weak market environment.

According to the group's preliminary figures, sales fell by 22% year on year to €6.4 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) dropped by 60% to €824 million.

“The global industrial engine began to stutter in 2023 and many companies felt the impact, as did we at Wacker,” said CEO Christian Hartel. “Price pressure was high, and the recovery in customer demand that was hoped for at the beginning of the year did not materialize. Persistently high energy prices in Germany further impacted our business. As a result, we could not post sales and earnings similar to the record figures Wacker achieved in 2022.”

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Wacker said earnings before interest and taxes fell from €1.68 billion in the previous year to around €405 million, while net profit for the year fell from €1.28 billion to around €330 million.

“As great as the current challenges may be, we will continue to benefit from global megatrends in the medium and long term,” said Hartel. “Digitalization, renewable energies, electromobility and energy conservation are among the key drivers of our business. Strategically, we are well positioned.”

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