Lanxess Posts Huge Hike in Profits; Raises Earnings Forecast; Scales Back Cost-Cutting Plans

Lanxess beat market expectations for the second quarter as a result of a strong performance in emerging markets, reporting Ebitda pre-exceptionals of €269 million ($354 million) compared to €112 million in the year-earlier period. Sales were up 48% at €1.83 billion and net profit soared to €131 million from €17 million in the second quarter of 2009. The company has raised its earnings forecast for 2010 and now expects Ebitda pre-exceptionals of "roughly €800 million," compared with forecasts made in May of €650 million...

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