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Swiss chemicals maker Sika posts 13.8% jump in Q1 sales
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(Reuters) -Swiss chemicals maker Sika AG on Tuesday reported a 13.8% increase in its first-quarter sales and confirmed its outlook for 2024, saying it anticipated sales growth of between 6% and 9% in local currencies this year.
(Reuters) -Swiss chemicals maker Sika AG on Tuesday reported a 13.8% increase in its first-quarter sales and confirmed its outlook for 2024, saying it anticipated sales growth of between 6% and 9% in local currencies this year.
Sika reported sales of 2.648 billion Swiss francs ($2.90 billion) for the quarter, the company said in a presentation.
The company added that it was forecasting an “over-proportional” increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) this year.
Sika pointed to its acquisition this month of U.S. firm Kwik Bond Polymers, a manufacturer of polymer systems for the refurbishment of concrete infrastructure, as part of its plans to keep investing in future growth.
($1 = 0.9134 Swiss francs)
(Reporting by Devika Nair in Bengaluru; Editing by Jamie Freed)
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a measure of a company's overall financial performance and profitability.
Sales growth refers to the increase in sales revenue over a specific period, often expressed as a percentage. It indicates how well a company is performing in the market.
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
Corporate strategy is the overall plan for a company to achieve its goals and objectives, including decisions about resource allocation and market positioning.
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