Umicore ups profit outlook after strong performance in cathode unit

Published by
Reuters UK

By Olivier Sorgho and Lina Golovnya (Reuters) -Belgian chemicals and battery materials company Umicore raised a key earnings forecast on Friday on the back of a strong performance in its EST unit which makes cathodes for electric vehicles, boosting its shares more than 7% to a one-month high. The group said it now sees full-year adjusted operating profit (EBIT) to be “somewhat above” current consensus, which stands at 827.7 million euros ($845.2 million). A previous guidance from April expected it to be “slightly above” 818 million euros. Shares in the group had fallen sharply last month after…

Read More