LANXESS adjusts 2009 earnings forecast
The specialty chemicals company LANXESS AG adjusted its earnings forecast for the business year 2009 after having a significantly better-than-expected fourth quarter, according to preliminary unaudited results.
LANXESS now expects to achieve EBITDA pre exceptionals of EUR 450-470 million for the full year 2009 after previously forecasting EUR 400-420 million at the publication of the third quarter results in November 2009. LANXESS posted EBITDA pre exceptionals of EUR 721 million in 2008.
The company’s synthetic rubber activities profited in the final weeks of the previous business year from the unexpected strong development in Asia as well as the strong demand for winter tires in Europe and North America. Notably, demand in the month of December was stronger than the usual seasonal trend.
Despite this very satisfying performance, the effects of the economic crisis are still noticeable in particular in Europe and North America. Therefore, the implemented cost-saving measures of LANXESS’ “Challenge” program have to be continued.
LANXESS will publish its final full-year earnings for 2009 at its annual press conference in Cologne on March 17, 2010.