Solvay Shares Pare Gains After Lift From New Guidance
24 10월 2022 - 6:19PM
Dow Jones News
By Pierre Bertrand
Solvay shares pared early gains Monday after an increase in 2022
guidance initially lifted shares.
At 0833 GMT, shares in the Belgian chemical company traded 0.9%
higher at EUR 90.02, after gaining more than 4.5% after the company
again lifted guidance for earnings before interest, taxes,
depreciation and amortization.
It now sees full-year Ebitda growth of around 28%, compared to
its guidance of 14% to 18%, which it raised in July. Monday's
increase is the third upgrade to the metric this year.
The new full-year guidance takes into account the company's
performance so far and that of fourth-quarter orders, which
indicate some level of weakening, Solvay said.
Boosted by demand and pricing across the whole of the business,
third-quarter net sales are expected around 3.6 billion euros
($3.55 billion) and underlying Ebitda around EUR900 million, Solvay
said.
The forecast exceeds analysts' consensus which estimated
third-quarter Ebitda at EUR764 million. The new guidance implies a
full-year Ebitda result of EUR3.17 billion, exceeding analysts'
estimates of EUR2.87 billion, Jefferies analysts said in a research
note.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 24, 2022 05:04 ET (09:04 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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