K&S posts Q1 profit above market expectations, shares rise (updated)
30/04/2024 10:06
(Adds share move, company quote, guidance confirmation;
paragraphs 3-6)
April 30 (Reuters) - German salt and potash miner K&S
SDFGn.DE on Tuesday reported its profit above market
expectations for the first quarter, citing strong European,
specialty and industry businesses.
Based on preliminary calculations, the company posted
quarterly earnings before interest, taxes, depreciation and
amortization (EBITDA) at around 200 million euros ($213.96
million), above analysts' forecast of 165 million in a poll
compiled by Vara Research.
Shares rose 4.6% as of 0846 GMT and were on track for best
day since November 2023.
"The overseas price level for potassium chloride will
become more important again over the course of the year, after
the first quarter was mainly influenced by the European
business, particularly with specialty products," the company
said in a statement.
K&S confirmed its 2024 guidance for adjusted free cash
flow and EBITDA.
The company will publish its final first-quarter results
on May 13.
($1 = 0.9348 euros)
(Reporting by Ozan Ergenay
Editing by Miranda Murray and Andrey Sychev)
((Ozan.Ergenay@thomsonreuters.com;))