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NEWS

Swiss chemicals maker Sika posts 13.8% jump in Q1 sales

(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)

 

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