Umicore eyes 2021 profit boost from electric vehicles

2020 adjusted EBIT up 5%, beats consensus

* Sees substantial 2021 earnings growth in all segments

* Strong EV growth in Europe to boost battery materials (Recasts with EV market comments, outlook details)

Feb 11 (Reuters) – Belgium’s Umicore expects the thriving European electric vehicle market to boost its battery business in 2021 as the company forecast on Thursday “substantial” group-level growth compared to last year.

The maker of catalytic converters and battery materials for carmakers said volume growth in its battery materials segment in 2021 should “more than offset” the overcapacity and pricing pressures that weighed on it last year.

Chief Executive Marc Grynberg told analysts Umicore was well positioned to benefit from Europe’s electric vehicle push. Read More

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