Oct. 28 (Bloomberg) -- Wacker Chemie AG, the second- biggest producer of solar-grade silicon, fell the most in almost four weeks in Frankfurt trading after the company cut its outlook for this year because of slowing demand.
Wacker expects “substantially lower sales volumes and revenue” in the fourth quarter, especially in the semiconductor business, which means it may miss targets for 2011, the Munich- based manufacturer said today in a statement.
The company now expects revenue of “about” 5 billion euros ($7.1 billion) and earnings before income, taxes, depreciation and amortization of “at least” 1.19 billion euros. Wacker had previously said sales would exceed 5 billion euros and operating profit would be above 1.19 billion euros.
Wacker fell as much as 6.9 percent to 78.50 euros, the biggest intraday decline since Oct. 4, and was down 3.5 percent at 9:47 a.m. The shares have declined 37 percent this year, valuing the company at 4.26 billion euros.
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