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1. Solvay posts lower earnings, sales on COVID-19 impacts, raises
cost-savings target
MOSCOW (MRC) -- Solvay reports declines in
fourth-quarter and full-year 2020 earnings and sales because of lower demand
caused by COVID-19, said Chemweek. The company, meanwhile, has announced an
increase in its cost-savings target and confirmed 500 additional job cuts. The
company recorded a 41% decline in underlying fourth-quarter net profit to EUR96
million (USD117 million) compared with the corresponding period of the previous
year, on sales down 9.3%, to EUR2.2 billion. Underlying EBITDA was down 11.7%
year on year (YOY) in the fourth quarter, to EUR464 million, mainly due to lower
volumes and adverse foreign-exchange impacts.
http://www.mrcplast.com/news-news_open-384212.html
2.
Bayer misses estimates on weaker ag earnings, currency headwinds
MOSCOW
(MRC) -- Bayer reports a 78.2% decrease in fourth-quarter net profit compared
with the corresponding period of the previous year, to EUR308 million (USD376
million) on sales down 7%, to just under EUR10 billion, said Chemweek.
Fourth-quarter EBITDA before exceptional items decreased 3.4% year on year (YOY)
to EUR2.4 billion, missing analysts’ consensus estimate by 2.4% on lower
earnings and sales at the company’s agricultural and consumer health businesses,
as well as currency effects. EBITDA at Bayer’s consumer health business declined
2.5% in 2020, to EUR1.10 billion on sales down 7.5%, to EUR5.05 billion. The
greater focus on health and prevention in connection with the COVID-19 pandemic
generated substantial growth in demand, especially in the nutritionals category,
which saw sales advance by 22.6%, Bayer says.
http://www.mrcplast.com/news-news_open-384268.html
3.
Element Solutions beats estimates on strong electronics demand
MOSCOW
(MRC) -- Element Solutions today reported fourth-quarter net income down 59.8%
year-on-year (YOY), to $29.9 million, on net sales up 18.0%, to USD536.6 millio,
said Chemweek. Adjusted earnings, excluding some tax rate changes which cut into
net income, totaled 31 cents/share, up 40.9% YOY and beating analysts’ consensus
estimate of 28 cents/share, as reported by Refinitiv (New York, New York). Net
sales were up 10% YOY on an organic basis, excluding currency impacts,
pass-through metal prices, and acquisitions. In the fourth quarter, our
industrially oriented businesses recovered from the impact of COVID-related
shutdowns, while our high-end electronics business experienced strong demand
driven by these trends. |
