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Germany's Lanxess raises 2021 profit outlook on demand recovery

08/11/2021 | 01:39am EST
FILE PHOTO: A logo of Lanxess is seen next to dark clouds at Cologne Bonn airport

(Reuters) - German speciality chemicals maker Lanxess raised its 2021 core profit outlook on Wednesday -- the second time this year -- driven by a rebound in the auto industry's demand and continued strong performance of its disinfectants business.

The Cologne-based group now sees 2021 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the range of 1 billion euros to 1.05 billion euros ($1.17 billion-$1.23 billion), compared with a previous forecast of 950 million to 1 billion euros.

Lanxess, which generates a fifth of its sales from the auto industry, said it managed to largely pass on the sharp rise in raw-material prices in all segments by adjusting selling prices.

"Volumes are back to pre-pandemic levels and we are confident about the second half of the year," Chief Executive Officer Matthias Zachert said in a statement.

The company also said the outlook reflects the acquisition of U.S.-based rival Emerald Kalama Chemical -- completed in early August -- as it expects EBITDA contribution of around 35 million euros for the remainder of 2021.

Its quarterly EBITDA excluding one-offs increased 23.7% to 277 million euros, above analysts' average estimate of 267 million euros in a company-provided poll.

($1=0.8535 euros)

(Reporting by Linda Pasquini in Gdansk; Editing by Clarence Fernandez and Uttaresh.V)

ę Reuters 2021
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AKZO NOBEL N.V. 1.49% 94.3 Real-time Quote.5.76%
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COVESTRO AG 3.73% 51.7 Delayed Quote.2.42%
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GUANGZHOU TINCI MATERIALS TECHNOLOGY CO., LTD. 1.09% 136.47 End-of-day quote.123.51%
LANXESS AG 1.79% 52.2 Delayed Quote.-16.83%
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