Syensqo, the Belgian chemical company, saw its stock price rise sharply on Friday, gaining as much as 6.80% during the session, after reporting first-quarter adjusted earnings that exceeded market expectations.
The company's underlying EBITDA for the quarter reached €251 million (approximately $294.1 million). While this represents a decline from €301 million in the same period last year, it surpassed the consensus analyst estimate of €239 million.
Driven by performance in its Specialty Polymers, Novecare, and Composite Materials businesses, the underlying EBITDA increased by 6% compared to the previous quarter.
Bernstein analyst James Hooper noted in a report that if the company can sustain this level of performance in the coming quarters, the market is likely to look past the weakness seen in the previous quarter.
The company's main markets had been under pressure due to ongoing broader economic uncertainty.
CEO Mike Radossich stated, "Overall, we are seeing an improving order trend in the second quarter, which gives us increased confidence in achieving our full-year targets."
The company reaffirmed its full-year guidance, maintaining its outlook for an underlying EBITDA of around €1.1 billion and operating cash flow of approximately €700 million.
Comments