International.
After a strong third quarter, specialty chemicals company Lanxess again increased its earnings guidance for 2016. The Cologne, Germany-based company now expects to achieve pre-exceptional EBITDA within a corridor of €960 million and €1 billion. Previously, Lanxess had assumed profits of between 930 and 970 million euros.
EBITDA prior to the third quarter of 2016 increased by 9.4% to €257 million, compared to €235 million in the previous year. The pre-exceptional EBITDA margin improved year-on-year, from 12.0% to 13.4%. As in the previous three-month period, the overall good performance of the results was due in particular to the strong operational development of the "new" Lanxess segments – Advanced Intermediates, Performance Chemicals and High Performance Materials – and improved cost structures.
Good business performance in the third quarter was also reflected in net income, which increased by 51.2% to €62 million from €41 million the previous year. Earnings per share were €0.68, after €0.45 the previous year.
Group sales decreased by a slight 1.6% in the third quarter of 2016 to €1.92 billion, compared to €1.95 billion in the same period in 2015. Higher volumes in all segments almost offset lower selling prices resulting from commodity prices.
