Clariant backs full-year views despite demand slump
By Joshua Kirby
Clariant on Friday reiterated its outlook for 2023, despite booking lower sales and profitability in the first quarter.
The Swiss chemicals group booked a 5% organic sales decrease to 1.20 billion Swiss francs ($1.35 billion,) close to analysts' expectations for CHF1.24 billion, according to a poll of estimates compiled by FactSet.
Earnings before interest, taxes, depreciation and amortization came to CHF167 million, down from CHF220 million previously, on a margin that fell several points to 13.9%.
"Customers have reduced their inventory, and demand in some areas has been weaker, which, coupled with the negative extraordinary factors recorded in the quarter, impacted our profitability," Clariant said.
Looking ahead, Clariant said it expects macro recovery in the second half of the year, and backed its targets for 2023 , including sales of around CHF5 billion and slight growth in its Ebitda margin.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
-Joshua Kirby
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05-05-23 0154ET
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