Solvay SA (SLVYY), a Belgian chemicals company, Wednesday reported net sales of 1.194 billion euros for the second quarter, 6.3 percent lower than 1.274 billion euros in the comparable quarter last year.
Underlying EBITDA, or earnings before interest, taxes, depreciation, and amortization declined 23.7 percent to 272 million euros from 357 million euros a year ago.
Underlying net profit from continuing operations was 116 million euros in the quarter, down from 211 million euros last year.
Looking ahead, the company now expects fiscal 2024 underlying EBITDA to be in the range of 975 million euros- 1.040 billion euros, a decline 10 percent - 15 percent on an organic basis, compared with the previous outlook of 10 percent - 20 percent decrease.
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