Solvay SA (SOLB), the world’s largest soda- ash maker, reported second-quarter profit that beat analyst estimates as price increases and rising demand for some products compensated for higher energy costs.
Net income more than doubled to 111 million euros ($160 million) from 44 million euros a year earlier, the Brussels- based company said today in a statement. Profit topped the 100.3 million-euro average of five analyst estimates compiled by Bloomberg.
Solvay said it raised prices for products including soda ash, caustic soda, polyvinyl chloride and specialty polymers by 11 percent. The volume sold increased 4 percent after Solvay removed bottlenecks to expand production capacity for specialty polymers.
Earnings before interest, tax, depreciation, amortization and special items rose 12 percent to 304 million euros and were unchanged as a proportion of revenue, at 18 percent.
The manufacturer confirmed the earnings figures after highlights of a statement scheduled to be published July 28 were accidentally posted on Solvay’s website at 3:27 p.m. local time and subsequently removed. The soda-ash maker will publish full earnings as planned before the start of trading on July 28.
Solvay gained 2.5 percent to 110.75 euros at the 5:40 p.m. close of trading on Euronext Brussels, extending the shares’ advance this year to 39 percent. Today’s increase was the biggest on the 23-company Stoxx 600 Chemicals Index.
Net income more than doubled to 111 million euros ($160 million) from 44 million euros a year earlier, the Brussels- based company said today in a statement. Profit topped the 100.3 million-euro average of five analyst estimates compiled by Bloomberg.
Solvay said it raised prices for products including soda ash, caustic soda, polyvinyl chloride and specialty polymers by 11 percent. The volume sold increased 4 percent after Solvay removed bottlenecks to expand production capacity for specialty polymers.
Earnings before interest, tax, depreciation, amortization and special items rose 12 percent to 304 million euros and were unchanged as a proportion of revenue, at 18 percent.
The manufacturer confirmed the earnings figures after highlights of a statement scheduled to be published July 28 were accidentally posted on Solvay’s website at 3:27 p.m. local time and subsequently removed. The soda-ash maker will publish full earnings as planned before the start of trading on July 28.
Solvay gained 2.5 percent to 110.75 euros at the 5:40 p.m. close of trading on Euronext Brussels, extending the shares’ advance this year to 39 percent. Today’s increase was the biggest on the 23-company Stoxx 600 Chemicals Index.
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