FX.co ★ Solvay Reports Profit From Cont. Ops. In Q1; Confirms 2024 Outlook

Solvay's first-quarter operating profit was 109 million euros, a significant improvement compared to the loss of 54 million euros recorded in the same period last year. The profit per share from ongoing activities reached 1.01 euros, in contrast to the 0.53 euros loss per share in the previous year. The net profit from ongoing operations, excluding special items, was 119 million euros, lower than the 187 million euros reported the year before. As a result, the earnings per share, excluding special items, decreased to 1.10 euros from 1.76 euros. The core earnings before interest, tax, depreciation, and amortization (EBITDA) was 265 million euros, marking a 27.2% overall and 13.6% organic decrease.

The company reported net sales of 1.17 billion euros, a 14.0% decrease from the prior year. The net sales, after normalizing for non-recurring items, amounted to 1.20 billion euros, a decline of 11.3% year-on-year or 11.9% on an organic basis. However, sales volume experienced a rise of 2.5%.

Looking forward to the full financial year of 2024, Solvay maintains its forecast. The company anticipates the core EBITDA to witness an organic decline ranging between 10% and 20%. Nonetheless, it expects the free cash flow available for shareholders to exceed 260 million euros.