Evonik Boosts 1Q Margins Despite Headwinds From Raw Materials and Currencies
No-moat Evonik reported solid results in the first quarter, with EBITDA up 14% over 2017. The EBITDA margin increased 210 basis points over 2017, which was somewhat surprising, given raw material inflation and currency headwinds. However, we don’t expect the first-quarter EBITDA margin of 18.5% to be maintained for the full year, primarily because of our expectation for margin normalization to occur in the methacrylates business and the timing of some corporate costs that are weighted to the bac...Steag, through its subsidiaries, is engaged mainly in power generation and related industries. Co.'s business is divided into five units: Power generation, Decentralized Energy Supply, Foreign Power Plants, Gas Distribution, and Coal Trading.
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