Lanxess Adjusts 2009 Earnings Forecast
German specialty chemicals manufacturer Lanxess AG has adjusted its earnings forecast for the 2009 business year after preliminary unaudited results revealed what it calls a “significantly better than expected” fourth quarter. The company now expects to achieve pre-exceptional EBITA of 450-470 million euros for full year 2009 after previously forecasting 400-420 million euros upon the publication of the third quarter results in November 2009. LANXESS posted EBITDA pre-exceptionals of 721 million euros in 2008.
The company’s synthetic rubber activities profited in the final weeks of the previous business year from unexpected strong development in Asia as well as strong demand for winter tyres in Europe and North America. Notably, demand in the month of December was stronger than the usual seasonal trend.
“This performance is very satisfying. However, the effects of the economic crisis are still noticeable in particular in Europe and North America. Therefore, the implemented cost-saving measures of our ‘Challenge’ programme have to be continued,” said Axel C. Heitmann, chairman of the Lanxess AG Board of Management.
Lanxess will publish its final full-year earnings for 2009 at its annual press conference on March 17, 2010.