UPDATE 1-Clariant hikes 2021 outlook as sales, margin increase [Reuters]
CLARIANT AG UNSP/ADR (CLZNY)
NASDAQ:AMEX Investor Relations:
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Source: Reuters
specialty chemicals maker saw local currency sales growth of 7% to 9% and a step-up in its EBITDA margin to 16%-17%. The company said its second-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) rose 28% to 173 million Swiss francs ($190.32 million). Its quarterly sales from continuing operations increased by 12% in local currency to 1.03 billion francs, while EBITDA margin jumped to 16.8% from 14.6% in the year-ago period. For the third quarter, Clariant expected continued strong growth in local currency year-on-year, underpinned by expansion in all three Business Areas. It aimed to beef up year-on-year margins in the quarter via volume growth, cost discipline, and pricing action to overcome the rise in raw material and logistics costs. The market had on average expected second-quarter EBITDA of 160 million francs on sales of 992 million, according to a consensus compiled for the company. ($1 = 0.9090 Swiss francs) Reporting by Michael Shields;
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