Lanxess shares fall after Q3 revenue miss
Updates
** Shares in Lanxess LXSG.DE slump 4%, after rising 4.8% in early Frankfurt trade, as weaker-than-expected Q3 revenues, a negative free cash flow and downbeat Q4 guidance drag
** The German speciality chemicals maker reported mixed Q3 results, with beat to quarterly core profit expectations but a miss on the revenue level, and said it expected a subdued performance in Q4 due to the seasonality
** Its Q3 FCF of -14 million euros returned to negative territory after a positive figure in Q2, it said
** A local trader notes the results are "mixed", highlights revenue miss, negative FCF and commentary on still challenging environment
** "Nevertheless, questionable if report, especially weak FCF is good enough for a bounce," the trader said
** JPM flags the confirmed FY outlook implies a "very wide" Q4 adj EBITDA range of 110-160 million euros, says focus will be on any more specific Q4 guidance
** Up to Wednesday's close, shares had lost about 14% from intraday year high of 29.80 euros on Oct. 3
** Stock among worst performers on the German midcap index .MDAXI
($1 = 0.9286 euros)
Reporting by Linda Pasquini
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