Salem Radio Network News Wednesday, December 8, 2021

Science

Umicore lowers 2021 profit forecast on chip shortage woes

(Reuters) – Belgian materials technology and recycling group Umicore revised downwards on Monday its adjusted core operating profit outlook, hurt by a stronger-than-expected impact of the global semiconductor shortage and a decline in platinum group metal (PGM) prices.

The company now anticipates its full-year adjusted earnings before interest and taxes to approach 1 billion euros ($1.16 billion) versus the previous expectations to exceed it slightly.

($1 = 0.8636 euros)

(Reporting by Pawel Goraj; editing by Uttaresh.V)

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