Solvay to deliver record results well ahead of expectations

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By Ed Frankl

Solvay SA said Monday that it will raise its full-year guidance after second-quarter results were well ahead of expectations, driven by higher volumes and pricing.

The Belgian chemical company said it expects 2Q sales to be around 3.4 billion to 3.5 billion euros ($3.43 billion-$3.53 billion), with underlying earnings before interest, taxes, depreciation, and amortization of between EUR855 million and EUR865 million.

Stronger volumes and pricing helped overcome cost inflation, with its materials, solutions and chemicals segments contributing to the strong results, the company said.

Solvay said the increase in full-year guidance, which it intends to do at second-quarter results on July 28, would reflect a combination of confidence in short-term trading momentum and potential risks associated with the uncertain macro environment.

The Brussels-based company, however, didn’t give details of the guidance raise. Solvay’s latest 2022 outlook, published in May, is for underlying Ebitda to grow by mid- to high-single digits, and free cash flow to shareholders to exceed EUR650 million.

Write to Ed Frankl at edward.frankl@dowjones.com


This article was originally published by Marketwatch.com. Read the original article here.

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