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Lanxess to revise strategy after sales and earnings plummet; 2014 target unrealistic

1:54 AM MDT | August 6, 2013 | Natasha Alperowicz

Lanxess today reported a 95% decline in second-quarter net income to €9 million ($11.9 million) on sales down 12% to €2.1 billion. Second-quarter Ebitda was down 45% at €198 million, corresponding to the company’s “middle of the guided range.” In its outlook Lanxess says 2013 Ebitda pre-exceptionals is likely to be €700 million-800 million, compared with the May guidance of “less than €1 billion”. The company says that the earlier reported 2014 Ebitda pre-exceptionals target for 2014 of €1.4 billion is...

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