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Lanxess expects record earnings in 2017
Published: 14 August, 2017
The specialty chemicals manufacturer says it expects its highest earnings in the company's history for the current financial year as global sales of increased by almost 30% to €2.5 billion, up from €1.9 billion a year earlier.
Following a good second quarter 2017, Lanxess says it continues to expect record earnings for the year. EBITDA pre-exceptionals improved by around 25% to €367 million, compared with €293 million in the prior-year quarter, primarily attributed to the earnings contribution from the newly acquired Chemtura businesses as well as to higher volumes and selling prices. The EBITDA margin pre-exceptionals in the second quarter of 2017 stood at 14.6%, which was slightly below the high value of 15.1% reported in the prior-year period.
"Our growth strategy is paying off. Our strong operating performance and our profitable acquisitions are the basis for our strong results in the second quarter. The newly acquired Chemtura businesses are already making a significant earnings contribution, and the other areas of our speciality chemicals portfolio are also developing positively," said Matthias Zachert, CEO, Lanxess.
At the end of April, the manufacturer completed the acquisition of U.S. chemical company Chemtura and, subsequently, adjusted its Group structure. It is now reporting on five segments comprising a total of twelve business units.
The Performance Chemicals segment includes business units covering colour pigments, leather chemicals, material protection products and water treatment technologies. Sales in the Performance Chemicals segment rose 11.2% in the second quarter of 2017, to €367 million, against €330 million a year earlier. EBITDA pre-exceptionals advanced by 15.9% to €80 million, compared with the prior-year level of €69 million.
"We are overall well on track and continue to expect record earnings for the full year. However, compared with the very strong prior year, we are anticipating a slightly weakened momentum for the second half of 2017," said Zachert. Lanxess' total sales in 2016 reached €7.7 billion.
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