Swiss specialty chemicals maker Clariant on Friday said its second-quarter core profit came in above its forecast range helped by price hikes in catalysts as well as adsorbents and additives businesses.
The group's core operating profit (EBITDA) from continuing operations declined 19% to 175 million Swiss francs ($201.47 million) in the quarter.
This is above analyst estimates of 160 million francs in a company-provided poll, which were set at the midpoint of Clariant's own guidance range of 155 million to 165 million Swiss francs.
Clariant, whose chemicals are used in personal and home care products, said it did not expect to see any substantial economic recovery in the second half of 2023.
The company confirmed its full year forecast for sales and core profit, which it cut in early July.
It also confirmed its 2025 ambition to deliver compound annual sales growth of 4-6% and an EBITDA margin of 19-21%.
European chemicals makers, including Clariant, have been slashing their annual outlooks over the last month on the back of muted end-market demand, ongoing customer destocking, and weak commodity chemical spreads.
($1 = 0.8686 Swiss francs)
(Reporting by Marta Frackowiak and Linda Pasquini; editing by Kirsti Knolle)
