Evonik adj core earnings down 13 pct on lower feed chemical prices
FRANKFURT, May 4 (Reuters) - German diversified chemicals maker Evonik on Wednesday reported a 13 percent drop in quarterly adjusted core earnings on lower prices for its poultry feed ingredients.
First-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) declined to 565 million euros ($649 million), a touch above the average estimate of 551 million euros in a Reuters poll.
The group, which also makes chemicals for clear acrylic sheet and absorbent materials for diapers, said it was still targeting adjusted EBITDA of between 2 and 2.2 billion euros this year, down from 2.47 billion in 2015.
($1 = 0.8706 euros) (Reporting by Ludwig Burger and Matthias Inverardi; Editing by Maria Sheahan)
