Speciality chemicals company LANXESS has raised its earnings forecast for fiscal 2016 and now expects to achieve EBITDA pre-exceptionals of between €900 and €950 million.
"We started fiscal 2016 with a good first quarter and the second quarter has begun well. For this reason, we are raising our guidance for the full year," said LANXESS Chairman of the Board of Management Matthias Zachert.
EBITDA pre-exceptionals climbed by around 14% in the first quarter of 2016 to €262 million, compared with €229 million in the prior-year quarter. This positive development was largely attributable to increased volumes, higher capacity utilisation, positive currency effects and the absence of the ramp-up costs incurred in the first quarter of 2015 for the new rubber plants in Asia.