German speciality chemicals maker Lanxess (LXSG.DE) on Thursday reported higher-than-expected adjusted core profit for the second quarter, saying increased product prices helped it offset higher raw material and energy costs.
The Cologne-based group posted earnings before interest, tax, depreciation and amortisation (EBITDA) of 253 million euros ($257 million) for the April-June period, above analysts' average estimate of 249 million euros in a company-provided poll.
"In the second half of the year, a rougher wind will blow in the global economy, but we are prepared for this," Chief Executive Officer Matthias Zachert said in a statement.
Chemicals companies are pushing through price increases to cope with higher raw material and energy costs in the wake of Russia's invasion of Ukraine.
Lanxess specified its full-year guidance for EBITDA excluding one-offs to between 900 million and 1 billion euros, having earlier said the figure would be significantly higher than last year.
Lanxess also restated its 2021 adjusted core profit to 800 million euros, down from 1.01 billion reported earlier, after retroactively recognising its High Performance Materials business as discontinued operations as of this year.
Sales for the quarter increased by 36% to 2 billion euros as the group benefitted from price hikes and advantageous exchange rates.
