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Evonik Industries net income falls despite robust sales

Germany's Evonik Industries AG said its net income fell by 52% to €103 million in the fourth quarter of 2017 from 216 million in the year-ago period.

Sales grew 11% to 3.57 billion from 3.21 billion a year earlier.

The improved revenue was driven by its resource efficiency segment, which grew 20% to 1.30 billion in sales. The unit's performance was attributed to higher volumes and selling prices, as well as the integration of acquired businesses.

Adjusted EBITDA was up 8% to €474 million for the quarter from €437 million a year ago.

For full 2017, net income slipped 15% to €717 million from €844 million a year earlier. Sales improved 13% to €14.42 billion compared with €12.73 billion for 2016.

Full-year adjusted EBITDA came in at €2.36 billion, up 9% year over year. The specialty chemicals company said this figure was at the upper end of its earnings forecast of between €2.2 billion and €2.4 billion for 2017.

Evonik's board will propose a dividend of €1.15 per share at the company's annual shareholders' meeting May 23, representing a dividend yield of 3.7%.

For 2018, the company projects adjusted EBITDA to range from €2.4 billion to €2.6 billion.