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Lanxess earnings drop; cost-cutting planned

4:19 PM MDT | May 20, 2013

Lanxess reports first-quarter sales of €2.1 billion ($2.7 billion), a 12% decline year-on-year, and a pre-exceptional Ebitda of €174 million, a fall of 53%. The company, as expected, posted lower earnings in the first quarter because of a weak market environment, particularly in the tire and automotive industries. Net income for the first quarter was €25 million, a decline of 87%. The group’s Ebitda margin fell to 8.3% from 15.5%. Earnings per share were also down 87%, to €0.30. Operating results were affected by one-time costs for the...

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