LANXESS raises 2010 earnings forecast
The specialty chemicals company LANXESS AG raised its earnings forecast for the business year 2010 after having a significantly better-than-expected second quarter.
LANXESS now expects to achieve EBITDA pre exceptionals to be roughly EUR 800 million for the full year 2010 after previously forecasting EUR 650-700 million at the publication of the first quarter results in May 2010.
The company more than doubled EBITDA pre exceptionals in the second quarter to EUR 269 million from EUR 112 million a year ago. Earnings were driven, in particular, by ongoing strong demand for synthetic rubber in Asia and notably Latin America.