LANXESS' third-quarter net income rose by 8% year on year in the third quarter amid significant sales increase in all segments on the back of higher prices, said the company.
Sales increased by a significant 38.2 percent from EUR 1.581 billion in the prior-year quarter to EUR 2.185 billion. EBITDA pre exceptionals reached EUR 240 million, growing by 4.8 percent compared to the previous year’s figure of EUR 229 million.- Sales volumes fell in the third quarter, particularly due to weakening demand.
All business segments continued to record significantly higher raw material and energy prices, which were mainly passed on to the market through increase in selling prices.
"Massively increased raw material and energy costs, declining general demand in response to the drastic increase in inflation, central banks’ interest rate hikes to counter this inflation, and continuing disruptions to global logistics and supply chains are tarnishing the outlook for the world economy," the company said in a statement.
The company expects EBITDA pre exceptionals from continuing operations at between EUR900m and EUR950m in 2022.
"Compared with earnings of EUR815m in 2021, we therefore continue to expect EBITDA pre exceptionals to be significantly higher than the earnings of the previous year," it added.
We remind, on 31st May 2022, Advent and LANXESS announced the joint, Advent controlled, acquisition of DSM Engineering Materials, alongside its combination with LANXESS High-Performance Materials (subject to competition clearance), to establish a leading global engineering materials company with sales of around EUR 3 bn.
LANXESS is a leading specialty chemicals company with sales of EUR 6.1 billion in 2021. The company currently has about 13,200 employees in 33 countries. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives and consumer protection products.
mrchub.com