(New: More details, stock price and analysts)
Mülheim / Ruhr (AFX) – After a much weaker start to the year, the shares of chemicals trader Brenntag & are lt; BNR.ETR & gt; gone into a tailspin. Especially weaker demand in North America pushed the result, as the company announced on Monday. The bottom line could not get significantly less than last year due to amortization of the Venezuela business. The first quarter was disappointing, analyst Thomas Maul wrote of the DZ Bank in a study. The results were below expectations. Negative surprises could especially the weak North American business. The papers of the chemicals dealer lost in the morning around six percent and were the worst performer in MDax & lt; MDAX.ETR & gt;.
“In North America, our business was the continued lack of demand, especially from the oil and gas sector in the course a continued low oil prices heavily loaded again, “said company boss Steven Holland. It adds the significant devaluation of the Venezuelan Bolivar, who had reduced the income in Venezuela to zero. This was countered from the recent acquisitions.
In the first quarter 2016 adjusted earnings before interest, taxes, depreciation and amortization declined (Ebitda) by 1.5 percent to 192.1 million euros, as the company announced. Here about transaction costs were deducted. While business in Asia better running and Brenntag there also benefited from purchased TAT Group, stressed especially the economic problems in Venezuela, the Latin American business.
The revenue remained almost 2.6 billion euros in the previous year. The profit attributable to shareholders fell by more than a quarter of a million to 65.9 million euros. The significant drop-founded the company with the devaluation of the local currency in Venezuela.
The objectives for the current year confirmed Brenntag. Accordingly, the company is aiming mainly thanks to recent acquisitions growth of all “relevant earnings parameters” on. The Management Board expects, among other things with a significant increase in operating profit. Upon presentation of its annual results for 2015 in March it was said that the company aiming for an adjusted Ebitda of more than 867 million euros in the current year. Here about conversion costs are excluded. Net income should evolve similarly strong.
Worldwide employs Brenntag end March 2016 more than 14 500 employees. More than 90 percent of employees work outside Germany. Largest competitor is the US company Univar in Redmond in the State Washington./mne/jha/stb
Other recommendations
‘);if(!lib||!lib.publickey){window[name]={publickey:p,widgets:[{name:w,pre:u}],geo:g,categories:c,dataMode:’data-display’};s=d.createElement(n);s0=d.getElementsByTagName(n)[0];s.async=’async’;s.type=’text/javascript’;s.src=(d.location.protocol===’https:’?’https:’:’http:’)+’//static.plista.com/async/’+name+’.js’;s0.parentNode.insertBefore(s,s0);}else{lib.widgets.push({name:w,pre:u});}}(’28350f6a5e04a1c24fd71d0c76e32f42119062b0′,’retrescoAd_2′,’de’));
No comments:
Post a Comment