Umicore Net Profit Soars As Demand Rebounds; Raises Guidance

Belgian materials engineering company Umicore SA (UMI.BT) Friday said its first-half net profit soared as demand in most of its markets bounced back from a sharp drop during the economic crisis and it boosted its guidance for the year.

Net profit for the half jumped to EUR126.9 million from EUR21.3 million in the first half of 2009. Recurring earnings before interest and tax, a key measure of Umicore's operating performance, rose to EUR186.3 million from EUR49.5 million a year ago.

Analysts had expected EUR150 million of recurring Ebit.

The company also raised its full-year guidance for recurring Ebit to between EUR315 million and EUR335 million, citing continuing strong demand in the second half of the year. Its previous guidance was EUR260 million to EUR290 million of recurring Ebit.

The company's automobile catalyst unit drove a large part of the improvement, with recurring Ebit rising to EUR67.4 million from a loss of EUR9.1 million a year ago.

-By Matthew Dalton, Dow Jones Newswires; +32 2 741 1487; matthew.dalton@dowjones.com

Umicore (PK) (USOTC:UMICY)
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