logo
Plus   Neg
Share
Email

Lanxess Q3 Profit Down; Realigns Organometallics Business - Quick Facts

Specialty chemicals company Lanxess AG (LNXSF.PK) reported that its third-quarter net income declined 13.8 percent to 69 million euros from last year's 80 million euros, mainly due to higher depreciation. Earnings per share decreased by 10.2 percent to 0.79 euros, due to the lower average number of shares outstanding after the share buyback program.

EBITDA pre exceptionals was 267 million euros, down 3.6 percent from the prior year. Earnings were negatively impacted in particular by lower demand from the automotive industry and the weak chrome ore business. However, this was almost offset by the company's stable portfolio and advantageous exchange-rate effects, especially from the strong U.S. dollar.

Group sales in the third quarter of 2019 were 1.78 billion euros on a par with the previous year's level.

The company expects its EBITDA pre exceptionals in the fourth quarter to be slightly better than in the previous year.

For the full year 2019, the company expects its EBITDA pre exceptionals to be between 1.000 billion euros and 1.050 billion euros, compared to 1.016 billion euros reported last year.

Lanxess said it is realigning its organometallics business in order to focus on profitable growth segments in the future. It is investing an amount in the mid-single-digit millions of euros at its location in Bergkamen, Germany, to expand production of aluminum-based organometallics, which are used as catalysts in the production of high-quality plastics.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Walmart Canada has apologized after a Christmas sweater featuring Santa Claus and apparently cocaine was posted for sale on the company's Canadian website. The retail giant pulled the controversial sweater from its website following a backlash on social media. However, the sweater was not available on Walmart's U.S. website. Ford Motor Co. is recalling around 262 thousand F-Series heavy-duty pickups in the U.S. and Canada citing problem with the electric tailgates that may open unintentionally. The recall involves F-250, F-350 and F-450 Super Duty trucks from the 2017 through 2019 model years. Of these, 231,664 vehicles are in the U.S., while 29,953 are in Canada. Sony's 'MLB The Show' video game series will be available on additional console platforms beyond PlayStation as early as 2021. Currently, the game series is exclusive to PlayStation. 'MLB The Show' is the MLB's officially licensed simulation baseball video game series. San Diego Studio has been creating the officially licensed baseball video games enjoyed by fans for more than 20 years.
RELATED NEWS
Follow RTT
>