Solvay Earnings Decline After Drop in Demand, Sales
By Pierre Bertrand
Solvay reported a decrease in second-quarter earnings on weak economic sentiment and lower demand and sales.
The Belgian chemical company said Thursday that it made 426 million euros ($466 million) in net profit for the period, compared with EUR470 million a year prior, on sales that fell 11% to EUR3.09 billion.
The company, which in May said it saw softened demand across several end markets, said its second quarter was again marked by soft demand and lower volumes affecting batteries, construction and consumer-facing industries.
Prices grew 4% but volumes declined 13% in the reporting period, and volumes declined most notably in aroma and novecare, it said.
"The macroeconomic environment remains challenging and persistent demand weakness is expected to continue to weigh on volume recovery across most markets," the company said.
The company backed its 2023 organic earnings before interest, taxes, depreciation and amortization guidance.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
August 03, 2023 01:39 ET (05:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening in the Markets This Week
-
4 Top Dividend-Paying REIT Stock Picks
-
After Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued?
-
P-CAPE: A Better Way for Investors to Estimate Future Returns
-
Which Stocks Have Driven the Stealth Large-Value Rally?
-
Forecasts for Q2 GDP Report Show a Healthy but Slowing Economy
-
5 Stocks to Buy as the Market Rally Broadens
-
4 Top US Travel Stock Picks
-
How Do Interest Rates Affect Stock Market Returns?
-
American Airlines Earnings: Ticket Distribution Misstep Affected Results
-
Going Into Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
3 Top Cybersecurity Stock Picks for Long-Term Investors
-
AbbVie Earnings: Firm Sees Strong Next-Generation Immunology Drugs Sales
-
Ford Earnings: Warranty Problems on Older Vehicles Slam Results
-
ServiceNow Earnings: Operating on a Higher Plane Within Enterprise Software