2024-04-18 09:02:08 ET
Elkem ASA (ELKEF)
Q1 2024 Earnings Conference Call
April 18, 2024 02:00 AM ET
Company Participants
Odd-Geir Lyngstad - Investor Relations
Helge Aasen - Chief Executive Officer
Morten Viga - Chief Financial Officer
Conference Call Participants
Magnus Rasmussen - SEB
Presentation
Odd-Geir Lyngstad
Good morning and welcome to Elkem's First Quarter Results Presentation. My name is Odd-Geir Lyngstad. I'm responsible for Investor Relations in Elkem. With me this morning I have CEO, Helge Aasen; and CFO, Morten Viga to take us through a business update, the financial results for the first quarter, and the outlook for the second quarter.
After Helge and Morten's presentations, we will open for a Q&A both from the audience and from those participating on the webcast. And we'll start with the business update.
So, please Helge the word is yours.
Helge Aasen
Thank you. And good morning everyone. As we talked about in our fourth quarter presentation, there were some signs of recovery towards the end of last year and this is also now reflected in the results for the first quarter in this year 2024.
We are reporting improved profitability compared to the previous two quarters with an EBITDA of NOK721 million. The Silicones division continued to experience weak market conditions and this is as almost every year affected by the Chinese New Year.
Demand for specialties has also been weak during this quarter actually in all main markets and consequently the Silicones division reported negative EBITDA for the quarter. Silicon Product is performing better than previous quarters due to higher commodity prices, both for silicon and ferrosilicon, mainly in Europe....
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Elkem ASA (ELKEF) Q1 2024 Earnings Call Transcript