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MarketScreener Homepage  >  Equities  >  Euronext Bruxelles  >  Solvay SA    SOLB   BE0003470755

SOLVAY SA

(SOLB)
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69.23 EUR   -0.04%
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Solvay second quarter earnings fall less than expected

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07/29/2020 | 04:51am EDT
FILE PHOTO: The logo of Belgian chemical group Solvay is seen at its headquarters in Brussels

Belgian chemicals group Solvay reported a smaller than expected fall in second-quarter earnings on Wednesday, thanks to cost-saving measures that accelerated due to the COVID-19 pandemic and some higher prices.

The maker of lithium derivatives for batteries reported free cash flow from continuing operations of 233 million euros (211 million pounds) for the second quarter, up 89.8% on the previous year.

Free cash flow generation in the first half was a record 435 million euros, CEO Ilham Kadri said in a statement.

The company said net sales were down 18% year-on-year in April-June, blaming demand declines in its businesses related to the oil and gas, aerospace, automotive and construction sectors.

Solvay shares were down 3.6% in early trading, among the weakest performers on the FTSEurofirst 300 index <.FTEU3> of leading European shares. The index itself was largely flat.

Solvay, whose products range from base chemicals such as soda ash to speciality polymers, said challenges were partly offset by growth in businesses related to healthcare, home and personal care and agri-food, with moderately higher prices across the group.

Second-quarter earnings before interest, tax, depreciation, and amortization (EBITDA) fell 29.5% from a year earlier to 439 million euros, above a company-compiled consensus of 427 million euros.

The group confirmed it would take a non-cash impairment charge of 1.46 billion euros, which it announced in June, with some 80% of that related to goodwill from Solvay's $5.5 billion purchase in 2015 of Cytec, a U.S. specialist in aerospace materials and mining chemicals.

Solvay's second-quarter revenue of 2.18 billion euros was also slightly above a consensus forecast of 2.13 billion euros.

The company said it expected its markets to remain challenging in the next three months before improving in the last quarter of the year.

(Reporting by Marine Strauss @StraussMarine; Editing by Philip Blenkinsop and Mark Potter)

By Marine Strauss


Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 1.67% 38.26 Delayed Quote.-38.33%
SOLVAY SA -0.61% 68.96 Delayed Quote.-32.95%
WTI 0.25% 36.245 Delayed Quote.-36.69%
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Financials
Sales 2020 9 088 M 10 605 M 10 605 M
Net income 2020 -1 200 M -1 400 M -1 400 M
Net Debt 2020 2 477 M 2 890 M 2 890 M
P/E ratio 2020 -5,94x
Yield 2020 5,29%
Capitalization 7 162 M 8 351 M 8 358 M
EV / Sales 2020 1,06x
EV / Sales 2021 1,15x
Nbr of Employees 21 465
Free-Float 67,0%
Chart SOLVAY SA
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Technical analysis trends SOLVAY SA
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 82,55 €
Last Close Price 69,26 €
Spread / Highest target 50,2%
Spread / Average Target 19,2%
Spread / Lowest Target -6,15%
EPS Revisions
Managers
NameTitle
Ilham Kadri CEO & Non-Independent Director
Nicolas Jacques BoŽl Chairman
Karim Hajjar Chief Financial Officer
Philippe Warny Head-Research, Development & Technology
Charles Casimir-Lambert Non-Independent Director
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