Solvay to Raise Full-Year Guidance After 2Q Results Beat Expectations
July 18 2022 - 2:17AM
Dow Jones News
By Ed Frankl
Solvay SA said Monday that it will raise its full-year guidance
after second-quarter results were well ahead of expectations,
driven by higher volumes and pricing.
The Belgian chemical company said it expects 2Q sales to be
around 3.4 billion to 3.5 billion euros ($3.43 billion-$3.53
billion), with underlying earnings before interest, taxes,
depreciation, and amortization of between EUR855 million and EUR865
million.
Stronger volumes and pricing helped overcome cost inflation,
with its materials, solutions and chemicals segments contributing
to the strong results, the company said.
Solvay said the increase in full-year guidance, which it intends
to do at second-quarter results on July 28, would reflect a
combination of confidence in short-term trading momentum and
potential risks associated with the uncertain macro
environment.
The Brussels-based company, however, didn't give details of the
guidance raise. Solvay's latest 2022 outlook, published in May, is
for underlying Ebitda to grow by mid- to high-single digits, and
free cash flow to shareholders to exceed EUR650 million.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
July 18, 2022 02:02 ET (06:02 GMT)
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