The Austrian fiber manufacturer Lenzing AG is suffering more than expected from the persistently adverse conditions. “Taking into account the current lack of market recovery, the previous earnings forecast is not expected to be achieved,” the company admitted in a statement on Thursday evening and revised its target downwards accordingly.
Management now only expects earnings before interest, taxes, depreciation and amortization (EBITDA) in the range of 270 to 330 million euros for the current 2023 financial year. Previously, 320 to 420 million euros had been promised.
CEO Stephan Sielaff sees the group on the right course despite the setback: “The recovery expected in the second half of the year in the markets relevant to us has not yet occurred. “The early measures we took are all the more correct,” he emphasized in a statement. “We launched an ambitious cost reduction program back in November 2022, which delivered the expected results earlier than planned.”