Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2022 11 01T062516Z 2 LYNXMPEIA012L RTROPTP 4 DSM RESULTS - Business Express
FILE PHOTO: DSM logo is seen at the headquarters in Heerlen, Netherlands August 30, 2018. REUTERS/Piroschka van de Wouw

Dutch chemicals group DSM cuts profit target as costs soar


By Tristan Chabba

(Reuters) -Dutch specialty chemicals maker DSM on Tuesday lowered its 2022 outlook after it saw energy and raw material cost inflation accelerate in Europe in the third quarter.

The group, which makes products from vitamins and food supplements to specialised plastics used in cars, clothing and construction, expects its adjusted core earnings (EBITDA) from continuing operations to grow at a low-single-digit percentage rate, against high-single-digits it had guided for earlier.

“We continue to counter rising energy and raw material prices, which accelerated especially in Europe, albeit with a time lag,” co-CEOs Geraldine Matchett and Dimitri de Vreeze said in a statement.

DSM said it expected the widening gap between costs and prices to impact its fourth-quarter earnings.

It also cited its targeted focus on driving working capital and cashflow for the outlook cut.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

The company, based in the southern Dutch town of Heerlen, reported 3% growth in third-quarter adjusted EBITDA to 356 million euros ($353 million) from continuing operations, against a consensus estimate of 359 million euros.

It posted quarterly sales of 2.18 billion euros, slightly above the 2.10 billion euros expected by analysts.

($1 = 1.0077 euros)

(Reporting by Tristan Chabba in Gdansk; editing by Milla Nissi)

 

Recent Post: