Dutch speciality chemicals group DSM on Thursday pre-announced better-than-expected earnings for the first quarter and raised its 2018 outlook on upbeat sales, with an additional boost from high prices in vitamins.
The company had been scheduled to publish the figures on May 8. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 535 million euros ($661.3 million) from 345 million a year earlier. A company-published poll by Vara Research had estimated earnings at 345 million euros.
DSM raised its 2018 adjusted EBITDA forecast to "toward" 25 percent from earlier guidance for a rise of at least high single-digit growth.
"The strong underlying performance of our business continues, with growth well above market," CEO Feike Sijbesma said in a statement.
"In addition, we are currently benefitting from substantially higher prices in some vitamins due to exceptional supply disruptions in the industry."
The impact from vitamin prices was expected to ebb in the second half of 2018, but in the first quarter it increased adjusted EBITDA by around 165 million euros, DSM said.
Sales rose by 11 percent to 2.22 billion euros from 2.16 billion euros, DSM said. Underlying sales growth was 12 percent at its largest division, which makes nutritional products.