ZURICH (Reuters) – Clariant raised its full-year sales outlook again on Thursday after the Swiss specialty chemicals maker reported better-than-expected third-quarter sales.
The company, whose products range from catalysts used for chemical production and fuel processing to chemicals used in personal care products and paints, said its sales rose 23% to 1.10 billion Swiss francs ($1.20 billion), better than the 1.05 billion Swiss francs expected by analysts.
It now expects its full-year sales, when measured in local currencies, to increase by 9% to 11%, up from its previous guidance for an increase of 7% to 9%.
Clariant, which had previously raised its sales outlook in July, confirmed its guidance for a full-year earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 16% to 17%.
During the three months to the end of September EBITDA increased by 42% to 180 million Swiss francs at a margin of 16.4%.
“Clariant’s ability to clearly increase the profitability level was attributable to strong growth in our relevant end markets and our ability to partially offset the effects of raw material cost inflation, logistics challenges and rising energy cost through strong pricing,” said Chief Executive Konrad Keijzer in a statement.
“Our full year 2021 outlook remains positive.”
($1 = 0.9185 Swiss francs)
(Reporting by John Revill; Editing by Michael Shields)
