Solvay raises FY cash flow outlook after Q3 beat By Reuters

© Reuters. FILE PHOTO: The brand of Belgian chemical group Solvay is seen at its headquarters in Brussels, Belgium, July 29, 2015. REUTERS/Francois Lenoir

(Reuters) – Solvay (BR:) raised its full-year free money stream steerage on Thursday after third-quarter outcomes beat estimates supported by sturdy demand within the automotive, electronics, and constructing sectors, in addition to price slicing.

The corporate now sees free money stream on the finish of the 12 months of round 800 million euros ($928 million), up from earlier steerage of 750 million euros which had already been upgraded in July.

“Additional actions are being applied to account for the rising uncooked supplies, vitality and logistics prices,” Chief Govt Officer Ilham Kadri mentioned in an announcement.

Solvay, whose merchandise vary from base chemical compounds akin to soda ash to speciality polymers, reported third-quarter gross sales of two.57 billion euros, beating a company-provided consensus of two.41 billion euros.

Earnings earlier than curiosity, tax, depreciation and amortization (EBITDA) within the quarter stood at 599 million euros, additionally above a consensus of 570 million euros.

The corporate, which makes lithium derivatives for batteries, confirmed its steerage for full-year EBITDA of two.2 to 2.3 billion euros, flagging nevertheless that vitality costs would proceed to be excessive within the fourth quarter.

($1 = 0.8624 euros)

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