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(Adds more details throughout, co-CEOs quote)

AMSTERDAM, May 5 (Reuters) – Dutch speciality chemicals company DSM on Wednesday raised its outlook for 2021, as a strong recovery of demand for its industrial materials helped its first-quarter results beat expectations.

Restocking by car makers and electronics producers boosted demand for DSM’s plastics, the company said, while the easing of lockdowns across the globe spurred sales of its protective materials.

“The strong recovery of our Materials business at the end of last year has continued,” co-CEOs Geraldine Matchett and Dimitri de Vreeze said in a statement.

“Our increasing confidence in the recovery, combined with our unchanged positive outlook for Nutrition, leads us to increase our overall outlook.”

DSM, whose products range from vitamins and food supplements to materials used in construction, clothing and automobiles, said it now expects adjusted EBITDA growth “moving towards the mid-teens” this year.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 13% in the first three months of the year to 441 million euros ($530 million), as sales rose 7% to 2.19 billion euros.

Analysts polled by the company on average had expected core earnings of 423 million euros, with a 5% increase in sales.