Wacker Chemie Posts Drop In Q1 Sales

Wacker Chemie AG WKCMF reported a drop in its sales for the first quarter. Wacker Chemie's quarterly fell 7.5% y/y to EUR1.19 billion. However, analysts were expecting sales of EUR1.16 billion. Its quarterly after-tax profit dropped to EUR40 million, from EUR168 million. Earnings before interest and taxes declined to EUR82.4 million, from EUR245.9 million in the previous year. However, analysts were expecting an EBIT of EUR71 million. Wacker Chemie's earnings per share dropped to EUR0.84, from EUR3.39 in 2011.