Vopak raises full-year outlook, beats Q3 expectations (updated)

LSB Industries

25/10/2023 07:21

(Adds detail from statement, context, and quote)
       Oct 25 (Reuters) - Tank storage company Vopak  VOPA.AS 
on Wednesday raised its full-year profit target, as it beat
profit expectations on the back of strong demand for its energy
storage infrastructure even as global supply chains faced
disruptions.
    The group now sees interest, tax, depreciation and
amortisation (EBITDA) of around 970 million euros ($1.03
billion) in 2023, against a previous outlook of above 950
million.
    "This outlook factors in full-year contribution from the
three chemical terminals in Rotterdam, which are currently
classified as held-for-sale," the company said in a statement. 
    Vopak is benefiting from disruptions in energy supply
chains, particularly in gas as the West looks to cut dependency
on Russia and consequently invests in its terminals, floating
storage and regasification units.
    Vopak is also investing to re-purpose its infrastructure to
accommodate greener energy sources such as liquified natural gas
and hydrogen.
    "The demand for our services remained strong, reflected by
an improved proportional occupancy of 92%," CEO Dick Richelle
said. 
    The company posted EBITDA of 240.5 million euros in the
quarter, exceeding the 238 million expected by analysts in a
consensus.
    Vopak also upgraded its outlook for a host of other metrics
including consolidated growth capital expenditure (CAPEX), now
seen at around 275 million euros, up from the previous outlook
of around 300 million. 

($1 = 0.9437 euros)
    

 (Reporting by Olivier Sorgho and Nathan Vifflin; Editing by
Christopher Cushing and Janane Venkatraman)
 ((Olivier.Sorgho@thomsonreuters.com ;
nathan.vifflin@thomsonreuters.com))