Clariant falls after Q3 core profit miss, FY sales target cut
** Shares in Clariant CLN.S fall 5.2% after the Swiss specialty chemicals maker cut its FY sales outlook slightly and posted a lower-than-expected Q3 core profit
** Clariant now expects a low-single-digit percent fall in local currency sales for 2024, having previously forecast FY sales to be flat or grow by up to a low single-digit percentage
** Its Q3 EBITDA came in at 139 million Swiss francs ($160.47 million), missing analysts' estimate of 150 million Swiss francs in a company-provided poll
** "The overall softer performance of the chemical industry in H2 is affecting Clariant in Care Chemicals, in the Adsorbents and most importantly in the Catalysts business as customers are delaying refill cycles due to low operating rates," Baader Helvea says
** "We think consensus will move down by another 2-3pp given today’s results and that consensus might have to reduce Catalyst estimates by 5-6% for FY25/26 due to the delays in refill cycles," it adds
** The stock, on track for worst day since July, hits the bottom of Swiss mid-cap index .SMIM
($1 = 0.8662 Swiss francs)
Reporting by Ozan Ergenay
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