Evonik Reports Significant Improvement in Third Quarter Earnings; Cautious in Outlook

Evonik Industries reported a significant improvement in third quarter group earnings but remains cautious in its guidance for the rest of the year. Earnings before interest, tax, depreciation and amortization (Ebitda) rose 18% to €629 million ($935.2 million), the first year-on-year improvement in operating earnings this year, the company says. Sales were 20% lower at €3.3 billion compared with the year-ago period but roughly 8% higher than in the second quarter of 2009. Ebitda margin climbed to 19% in the third quarter, up from the 12.9% in the same...

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