COLOGNE, Germany—Lanxess A.G. expects EBITDA before exceptional items to be higher than previously anticipated for the fourth quarter and fiscal 2014.
The firm released preliminary unaudited projections for its full year EBITDA at about $917 million, up from about $834.1 million in 2013. EBITDA for the fourth quarter also is expected to increase to about $174.8 million.
Lanxess will release final results for fiscal 2014 on March 19. The firm only disclosed projections for its EBITDA performance.
“In autumn, we were witnessing restrained orders due to customer destocking in the rubber business in light of falling oil prices,” CEO Matthias Zachert said in a statement. “Surprisingly, this development was considerably less strong in December”.
Lanxess said it also profited from lower raw material costs in the Advanced Intermediates segment. Earnings in the Performance Chemicals segment came in at the expected level.
Lanxess reported sales of about $9.42 billion in 2013 and employs about 16,700 in 29 countries with 52 production sites producing specialty chemicals for the rubber and plastics industries.