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Solvay Raises Full Year Outlook Based on Strong First Half

NEWS 

Solvay Group has posted an 18% year-on-year rise in earnings (underlying EBITDA) to €705m in the second quarter of 2017, mainly driven by volume growth across all its segments.

In the three months to end of June, the Belgian speciality materials supplier posted an 11% increase in net sales at €3bn, compared to the same period last year.

Earnings for advanced materials segment rose 22% to €356m, with strong volume growth in automotive and improvement in aerospace composites. Both industries, Solvay noted, are benefiting from sustainable mobility drivers.

Advanced formulations’ earnings were up 5% at €130m, while performance chemicals segment saw a 1% increase in earnings at €190m.

Company’s functional polymers also registered a sharp 57% rise in earnings at €82m, driven by “robust” net pricing and continued automotive demand. 

For the first half of the year, group sales were up 11% at €6.0bn, fueled by volume growth and aided by positive currency effects and price increases.

Underlying EBITDA grew 15% for the first six months to €1.3bn, reflecting volume growth in all operating segments.

Solvay also said that is raising its full-year outlook for underlying EBITDA, which it expects to grow by high single-digits.