Lanxess has posted third quarter sales down 4.3% to EUR1.95bn (US$2.1bn), with the chemicals company largely attributing the fall to selling price adjustments from lower raw material costs.
In contrast, EBITDA pre-exceptionals increased by 11.9% to EUR235m, mainly due to the strong US dollar and savings from the realignment programme.
The Group is raising its guidance again for full-year 2015 and now expects EBITDA pre-exceptionals to come in between EUR860m and EUR900m. It had previously announced EBITDA pre-exceptionals for the full year between EUR840m and EUR880m.
“Our business performance in the first nine months of 2015 was satisfactory,” said Lanxess chairman, Matthias Zacher. “However, we also recognise global economic growth is subdued and many emerging markets are marked by uncertainty.
“In view of this, we have once again picked up the pace of our realignment. This is already having an impact on our operating result and our guidance for the year.”
Improved administrative and business structures mean the company is due to achieve annual savings of EUR150m following the first phase of realignment by the end of 2015, one year earlier than expected.