(Please read “organic EBITDA decline forecast” in the title and not “operating loss forecast”)
(Reuters) – Solvay beat expectations for its second-quarter results on Wednesday, with the Belgian group saying the net negative price impact was partly offset by the positive impact of volumes and further improvements in fixed costs.
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter stood at 272 million euros, above analysts’ expectations of 261 million euros, according to a consensus provided by the group.
Solvay recorded sales of 1.19 billion euros for the period, also above analysts’ expectations of a result of 1.20 billion euros.
The chemical group, which had previously announced that it anticipated negative organic EBITDA growth of around 10-20%, has also tightened its forecasts and now predicts a decline of 10-15%.
“This development is supported by 80 million euros of cost savings expected for the whole year,” Solvay said in a press release.
*Please read “organic EBITDA decline forecast” in the title and not “operating loss forecast”
(Report by Elena Smirnova, edited by Augustin Turpin)
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