August 2, 2019 / 5:20 AM / 4 months ago

Lanxess second-quarter touch better-than-expected, keeps outlook despite weaker economy

FILE PHOTO: A logo of Lanxess is seen next to dark clouds at Cologne Bonn airport March 27, 2015. REUTERS/Wolfgang Rattay

(Reuters) - German specialty chemicals group Lanxess (LXSG.DE) reported a slightly better-than-expected second-quarter core profit on Friday and said it kept its 2019 outlook despite “economically uncertain times.”

Earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-off items came in at 286 million euros (£262.16 million) in the second quarter, slightly above 283 million euros expected on average by analysts in a company-provided poll.

The company said sales volumes declined in the Engineering Materials and Specialty Additives segments due in particular to the weak demand from the automotive industry, but that could be nearly offset by favourable exchange rates and its overall balanced portfolio.

Second-quarter sales came in at 1.81 billion euros, broadly in line with company provided consensus of 1.82 billion euros.

Lanxess, whose products include construction pigments and engineering plastics, confirmed its full-year forecast for EBITDA at 1.0 billion euros to 1.05 billion euros.

The company said it expected earnings to be slightly weaker in the third quarter and somewhat better in the fourth quarter compared with previous year periods.

Reporting by Joanna Jonczyk-Gwizdala, Editing by Tomasz Janowski

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