Why Varta AG (ETR: VAR1) stocks are up today? – Idaho Reporter

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Why Varta AG (ETR: VAR1) stocks are up today?

Source:Bing.com

The battery manufacturer Varta (XFRA: VAR1)made a robust start to the new financial year. The company confirmed the outlook for the current financial year. Adverse effects of the corona pandemic cannot be ruled out entirely, Varta said on Friday in Ellwangen. However, there are no indications so far.

Sales rose from EUR 73.4 million to EUR 198.5 million in the first quarter. The company benefited above all from strong demand for rechargeable lithium-ion cells for entertainment products such as premium wireless headphones. Adjusted operating profit (Ebitda) improved from EUR 17.4 million to EUR 51.7 million. The group did better than expected. The bottom line is that Varta also earned significantly more at EUR 24.5 million than in the previous year at EUR 9.2 million.

“The gratifying result is primarily due to the continued high demand for our lithium-ion cells. We were able to increase our sales significantly by rapidly expanding our production capacities,” commented Varta boss Herbert Schein. When implementing the Covid-19 protective measures, one is very disciplined; one could therefore continue to produce without restriction.

The lithium-ion cells produced by Varta are said to be used, among other things, in Apple’s extremely successful wireless AirPods headphones.

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