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Solvay’s net income increases 15.5% y-o-y, sales down in Q3

by ChemOrbis Editorial Team -
  • 09/11/2016 (14:45)
Belgium’s Solvay announced their financial results for the third quarter of 2016, according to media reports. The company’s net income increased 15.5% on a yearly basis to €261 million ($288.8 million) in the July- September period on the back of higher operating profit and higher net financial charges being offset by lower income taxes. This beat analysts’ estimates which had called for 9.5% growth. Underlying Q3 net sales decreased 8% on the year to €2.9 billion due to lower prices and volumes.

Solvay’s underlying earnings before interest, taxes, depreciation and amortization (EBITDA) increased 6% to €664 million ($738.27 million) in the third quarter. Among its main business segments, Solvay’s EBITDA in performance chemicals rose 4% year over year to €217 million despite a 5% decline in revenue and in functional polymers stood at €76 million, up 25% on the year while their EBITDA in advanced materials was down 2% on a yearly basis to €292 million and in advanced formulations dropped 12% year over year to €114 million in Q3 due to a decrease in oil and gas on the year.

According to the company, underlying EBITDA is expected to post a double digit increase in the fourth quarter, depending on the current market conditions and year to date performance.
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