Solvay Raises Guidance After 1Q Profit, Sales Beat Expectations
04 Maio 2022 - 2:35AM
Dow Jones News
By Ed Frankl
Solvay SA on Wednesday raised its full-year earnings outlook
after first-quarter profit and sales beat expectations as prices
kept up with inflationary costs.
The Belgian chemicals company said net profit in the three
months to the end of March rose to 369 million euros ($388.2
million) from EUR240 million in the same period last year.
Sales rose 29% to EUR3.06 billion, a new quarterly record,
driven by prices that were 20% higher and volumes that rose by
6%.
That compares with expectations of EUR258 million for net profit
and EUR2.76 billion for sales, according to analysts' estimates
provided by the company.
Price gains in the quarter more than offset EUR369 million of
inflationary cost increases, Solvay said.
The Brussels-based company raised its 2022 expectations for
underlying earnings before interest, taxes, depreciation and
amortization, now estimating it to grow by mid-to-high single
digits. Previously Solvay expected Ebitda to grow by mid-single
digits
It kept its full-year outlook for free cash flow to exceed
EUR650 million.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
May 04, 2022 01:20 ET (05:20 GMT)
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