Cologne, Germany – First quarter sales at Lanxess were down 1.7% from the same quarter in 2022, at €1.90bn, down from €1.93bn. EBITDA before exceptional items was down 28%, falling from €262m last year to €189m this year.
The decline in earnings was attributed to weak demand in some sectors, notably construction. Destocking also played a part, particularly in its advanced intermediates and specialty additives segments.
The EBITDA figure is in line with guidance, the company said, and it expects second quarter earnings to be similar. For the full year, it anticipates pre-exceptionals EBITDA will be in the range €850m to €950m, with an improvement of the global economy predicted.