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Lanxess tones up 2017 profit guidance
November 15, 2017 / 6:26 AM / a month ago

Lanxess tones up 2017 profit guidance

FRANKFURT (Reuters) - Germany’s Lanxess (LXSG.DE) lifted the lower end of its earnings guidance range for 2017 after strong demand for specialty chemicals such as construction pigments and leather chemicals outweighed a weaker pesticide ingredients business.

Lanxess - which makes synthetic rubber, engineering plastics and leather-tanning and water treatment chemicals - said it now expected 2017 adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of between 1.25 and 1.3 billion euros (1.12 billion pounds to 1.17 billion pounds).

It had previously put the lower end of that range at 1.225 billion euros.

The shares were seen 0.8 percent lower in pre-market trade at brokerage Lang & Schwarz after earlier being indicated 2.9 percent higher.

Third-quarter adjusted EBITDA rose 35 percent to 347 million euros, Lanxess said on Wednesday, also boosted by the recent takeover of U.S. peer Chemtura and ahead of the average analyst expectation for 341 million in a Reuters poll.

Lanxess also said it acquired Solvay’s (SOLB.BR) U.S. phosphorus additives business with about 65 million euros in sales, without disclosing financial terms.

Reporting by Ludwig Burger; Editing by Georgina Prodhan

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