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(In the report sent at 7:24 a.m., the first sentence in the last paragraph must read correctly: “For the full year, Brenntag continues to expect operating EBITDA to rise to (NOT: between) EUR 1.45 and 1.55 billion.” The corrected version follows.)
Brenntag exceeds expectations in the first quarter – forecast confirmed
FRANKFURT (Dow Jones)–Brenntag increased sales, gross profit and profit in the first quarter significantly more than expected on the market. Despite the increased pressure on the supply chains, the chemicals trader, which has been listed on the DAX since autumn, was able to maintain supplies to its customers. Brenntag confirmed the forecast for the year, but warned that given the geopolitical uncertainties, a forecast for the development in the second half of the year is currently hardly possible.
In the period from January to March, sales rose by 44.7 percent to 4.53 billion euros, as announced by Brenntag SE. Gross profit, defined as sales less cost of goods sold, increased by 30.8 percent to 1.04 billion euros. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 54.2 percent to 463 million euros.
Group profit attributable to shareholders reached EUR 249.3 million after EUR 97.5 million in the same period of the previous year. The Essen-based group earned EUR 1.61 per share after EUR 0.63.
Analysts had expected a consensus of sales of 4.2 billion euros, gross profit of 991 million euros and operating EBITDA of 422 million euros. They saw consolidated profit attributable to shareholders at EUR 213 million and earnings per share at EUR 1.38.
For the full year, Brenntag continues to expect operating EBITDA to increase to EUR 1.45 and 1.55 billion from EUR 1.34 billion in the prior year. In particular due to the war in Ukraine and its geopolitical and economic consequences, it is extremely difficult to make predictions about further developments, the group said.
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(END) Dow Jones Newswires
May 11, 2022 01:36 ET (05:36 GMT)
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