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Solvay raises FY cash flow outlook after Q3 beat -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Solvay’s logo can be seen at the headquarters of Solvay in Brussels, Belgium. July 29, 2015. REUTERS/Francois Lenoir

(Reuters). Solvay (BR) increased its full year free cash flow guidance after beating estimates in third quarter. The strong demand for the auto, electronics and building sector, along with cost cutting, prompted BR to raise its full-year guideline.

The company sees a free cash flow of approximately 800 million euro ($928million) at the end, up from the previous guidance of about 750 million which was upgraded in July.

Ilham Kadri, chief executive officer of Ilham Kadri stated in a statement that “further actions have been implemented to account for rising raw materials and energy costs”

Solvay’s products include base chemicals like soda ash and speciality polymers. Solvay reported 3.57 billion euro in third quarter sales, surpassing a consensus estimate of 2.41 billion.

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA), in the fourth quarter was 599m euros. This is also more than the consensus estimate of 570m euros.

This company makes lithium derivatives that are used in batteries. It confirmed its full-year EBITDA guidance of between 2.2 and 2.3 billion Euros. However, it warned that high energy prices will continue into the fourth quarter.

($1 = 0.8624 euros)

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