Syensqo: Q2 weaker-than-expected, targets lowered
(CercleFinance.com) - On Thursday, Syensqo lowered its annual targets after posting Q2 results below expectations, reflecting a slower recovery in some markets and macroeconomic uncertainty deemed 'persistent'.
Underlying Ebitda came in at E378m in Q2, down over 12% y-o-y, under with the consensus of E386m.
Net sales fell by 5% y-o-y on an organic basis, to E1.7bn, due to a 5% drop in prices.
Although it expects to return to y-o-y volume growth in H2 2024, the chemical group says it has lowered its outlook for FY 2024.
The company now forecasts FY underlying Ebitda of E1.4bn to E1.475bn, tightened down from a previous range of E1.4bn to E1.55bn.
In comparison, the consensus previously expected E1.49bn.
Following this warning, Syensqo shares, listed on both Euronext Brussels and Paris, fell by more than 6% in late Thursday morning trading.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Underlying Ebitda came in at E378m in Q2, down over 12% y-o-y, under with the consensus of E386m.
Net sales fell by 5% y-o-y on an organic basis, to E1.7bn, due to a 5% drop in prices.
Although it expects to return to y-o-y volume growth in H2 2024, the chemical group says it has lowered its outlook for FY 2024.
The company now forecasts FY underlying Ebitda of E1.4bn to E1.475bn, tightened down from a previous range of E1.4bn to E1.55bn.
In comparison, the consensus previously expected E1.49bn.
Following this warning, Syensqo shares, listed on both Euronext Brussels and Paris, fell by more than 6% in late Thursday morning trading.
Copyright (c) 2024 CercleFinance.com. All rights reserved.