Altana Q1 net beats consensus on additives, effect pigments units UPDATE |
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Thu, 26 Apr 2007 07:59
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(updates to add additives, effect pigment results; company affirms full-year guidance)FRANKFURT (Thomson Financial) - Altana AG said first-quarter net profit more than doubled to 50 mln eur, from 19 mln, helped by strong earnings growth in its divisions that make additives and effect pigments for paint.The result beat a consensus of analysts' expectations, which had forecast the figure to rise to 42 mln.The additives division recorded a 16 pct gain in earnings before interest and tax, helped by growing sales in Europe.In the effect pigments division, EBIT gained 60 pct on higher sales in Asia and Europe, and through price increases that helped offset rising raw material costs.Altana's overall EBIT rose 40 pct to 43 mln eur, from 30 mln, beating a consensus of 34 mln eur.Sales increased to 349 mln eur, from 324 mln.Altana said it still expects demand for specialty chemicals to rise this year, leading to full-year sales of 1.34-1.39 bln eur.Earnings before interest, tax, depreciation and amortization will reach 210-240 mln eur and pretax profit will be 'positively influenced' by a one-time gain of 50-60 mln eur from the investment of the sales price of Altana Pharma.Altana last year sold its pharmaceuticals business to Denmark's Nycomed for about 4.5 bln eur to concentrate on making specialty chemicals.maria.sheahan@thomson.commas/jfr/mas/amCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Altana Q1 net beats consensus on additives, effect pigments units 