Clariant: first-quarter sales drop, shares fall

(CercleFinance.com) - Swiss specialty chemicals company Clariant posted a 6% drop in Q1 sales on Thursday, due to lower demand amid a mild winter season and the Covid-19 pandemic.


Sales from continuing operations fell to 1.1 billion Swiss francs compared to 1.2 billion Swiss francs in the first quarter of 2019, Clariant said in a statement.

This corresponds to a 6% decline in local currency and, due to an unfavourable currency effect, a 12% decrease in Swiss francs, the group said.

In Swiss francs, EBITDA decreased by 14% to 157 million Swiss francs, it added.

Looking at 2020, the group - which makes products for airplanes and cars, said it anticipates a negative impact on sales and profitability from the COVID-19 pandemic, without providing any specific numbers.

By 12.30, its shares were down 3.6%, underperforming a 0.3% drop in the Swiss stockmarket.

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