The seasonal slow-down was less pronounced than in prior years. Although revenues were down 20% year-on-year, they were only 4% below the second quarter. The de-stocking that impacted the first half so negatively has run its course in many businesses and there are signs of a slow recovery in several end-user industries.
- Advanced Materials revenues were down 24% year-on-year (-5 % vs Q2) while the demand for rechargeable battery materials showed the first signs of improvement.
- Precious Metals Products and Catalysts revenues were down 17% year-on-year (-1 % vs Q2) with sales trend improving in a number of key end markets.
- Precious Metals Services revenues were down 30% year-on-year (-3 % vs Q2), showing greater than expected resilience in a weaker supply environment.
- Zinc Specialties revenues were down 10% year-on-year (-9% vs Q2) as a result of lower sales in Zinc Chemicals.
Operational cash flow remained strong and net debt is at about the same level as at the end of June.
Based on the third quarter performance and current market conditions, Umicore expects full year recurring earnings before income tax to be in the order of €130 million.