Clariant sales fall on 'worsening economic environment'

Clariant AG said Wednesday that third-quarter sales and earnings fell slightly, in what it called a "worsening economic environment."

The Swiss chemical company said sales from continuing operations for the period were 1.04 billion Swiss francs ($1.05 billion), from CHF1.05 billion a year earlier.

Analysts had third-quarter sales at CHF1.07 billion, according to a consensus provided by the company.

Earnings before interest, tax, depreciation and amortization before exceptional items--also from continuing operations, which excludes its masterbatches and pigments businesses--fell to CHF169 million, compared with CHF171 million last year and analyst expectations of CHF175 million.

Ebitda after exceptional items for the past nine months was impacted by a one-off provision of CHF231 million booked in the second quarter relating to "further developments in an ongoing competition law investigation by the European Commission into the ethylene purchasing market," the company said.

For 2021, the company expects its focused portfolio to achieve above-market growth, higher profitability and stronger cash generation.

Clariant appointed Bernd Hoegemann as member of its executive committee as of Nov. 1, where he will be responsible for the masterbatches and pigments businesses among other duties.