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People & Business :: Earnings/Finance
Lanxess downgrades full-year guidance after third-quarter earnings, sales decline
7:53 AM MST | November 12, 2013 | Natasha Alperowicz
Lanxess today reported lower third-quarter earnings and revenues and downgraded its full-year 2013 guidance. Third-quarter net income was down 88%, to €11 million ($14.7 million), on 5% lower sales, at €2.05 billion. The decline in net income was due to higher depreciation and amortization as well as exceptional charges of roughly €20 million for the efficiency program Advance. Ebitda pre-exceptionals was 26.4% down, at €187 million, and Ebitda margin was 9.1% compared with 11.8% in the third quarter of 2012. The decline in Ebitda was largely...
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