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
Daimler AG, the maker of Mercedes-Benz cars, said Thursday that it has agreed to pay more than $2.2 billion to settle U.S. claims over emissions from its diesel vehicles. A new class-action lawsuit filed against Facebook accuses the company's photo and video-sharing app Instagram of illegally collecting biometric data of as many as 100 million users without their consent, according to reports. The lawsuit filed in a state court in California, alleges that Instagram uses its photo-tagging technology to create a database of users' facial features. Stein Mart, Inc. has joined the ever growing list of U.S. retailers who filed for bankruptcy protection amid the ongoing coronavirus (COVID-19) pandemic. The beleaguered off-price retailer filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Middle District of Florida.
RELATED NEWS
Follow RTT