Lanxess AG (LNXSF.PK), a German specialty chemicals company, on Thursday posted a profit in its third quarter, as sales remained nearly flat compared to last year. Volumes were higher in almost all business units, while selling prices declined, in particular due to lower raw material and energy costs.
Net income was 1 million euros for the quarter, generated entirely from continuing operations. This compares to last year's net loss from continuing operations of 131 million euros.
EBITDA pre exceptionals came in at 173 million euros, up 45.4 percent from the last year's 119 million euros. The company attributed the growth mainly to higher volumes, increased capacity utilization and cost savings from the "FORWARD!" action plan.
For the quarter, Lanxess' sales were at 1.598 billion euros, nearly stable compared to the prior-year figure of 1.601 billion euros. Segment wise, sales in Consumer Protection slid 10.3 percent to 521 million euros, while sales in Specialty Additives stood at 550 million euros. Sales in the Advanced Intermediates rose by 12.9 percent to 455 million euros.
Looking ahead, LANXESS reaffirmed its guidance for the current fiscal year 2024. The company said it continues to expect an increase in earnings of 10-20 percent compared to prior-year figure of 512 million euros.
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