German Wacker Chemie AG’s Q1 2018 sales were on par with a year ago, while its earnings before interest, taxes, depreciation and amortization (EBITDA) were substantially higher year over year. The Munich-based chemical company posted sales of €1,217.6 million ($1,475 million) in the reporting quarter (Q1 2017: €1,218.8 million). Net income totaled €79.1 million in the reporting quarter (Q1 2017: €665.9 million).
The company’s business unit Wacker Polysilicon achieved total sales of €219.3 million ($265 million) in the reporting quarter. That was 18 percent less than both a year ago (€268.1 million) and a quarter ago (€267.5 million). The marked decrease was primarily due to lower volumes. As a result of the production shutdown at Charleston, the division had much less polysilicon available for sale than a year ago. EBITDA came in at €48.2 million. That was 32 percent below the year-earlier figure (€70.5 million) and 24 percent less than a quarter ago (€63.6 million). Alongside lower sales, the decline was caused by ongoing costs at the Charleston site. No insurance compensation for the business interruption loss at Charleston was booked in the reporting quarter.

As reported, in September 2017 a technical defect led to a hydrogen explosion there, which damaged a plant section. Production had to be shut down. As the company described in its latest annual report, the Wacker’s Polysilicon business unit had a shortfall of around 6,000 metric tons of polysilicon in 2017 that would have been available for sale. »We are now starting the process of gradually ramping up the site«, said CEO Rudolf Staudigl on the occasion of the Q1 presentation. »This means that we will again have polysilicon from Charleston available for sale in the second quarter.«