Belgian chemicals group Solvay reports Q3 core profit beat (updated)
06/11/2024 06:11
(Adds CEO quote in paragraph 3, outlook paragraph 4)
Nov 6 (Reuters) - Belgian chemicals group Solvay
SOLB.BR reported third-quarter core earnings above market
expectations on Wednesday, carried by positive volume
developments and acceleration of costs savings.
The group said its underlying earnings before interest,
taxes, depreciation and amortisation (EBITDA) was 259 million
euros ($278.7 million) in the quarter, in line with last year's
number and ahead of analysts' average forecast of 250 million
euros in a Vara consensus.
"The first half of the year benefitted from opportunistic
sales and restocking effects, while, as anticipated, we have not
observed any improvement in the third quarter of 2024," CEO
Philippe Kehren said in the statement.
Solvay, which spun off speciality chemicals firm Syensqo
SYENS.BR last year, confirmed its EBITDA and free cash flow
forecasts for 2024, but said it expected the organic EBITDA
decline to be at the high end of its previously announced -10%
to -15% range.
($1 = 0.9294 euros)
(Reporting by Dimitri Rhodes in Gdansk; editing by Milla Nissi)
((Dimitri.Rhodes@thomsonreuters.com;))