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COVID-19 - News digest as of 26.02.2021

February 26/2021

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.

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 companys agricultural and consumer health businesses, as well as currency effects. EBITDA at Bayers 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.

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.
Author:Anna Larionova
Tags:petroleum products, neftegaz, petrochemistry, Bayer, Solvay, COVID-19.
Category:General News
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