Syensqo disappointed investors on Thursday by citing an "uncertain" global economic recovery, even though its first-quarter results exceeded market expectations.

This morning, the chemicals group created from the demerger of Solvay at the beginning of the year reported underlying Ebitda down 23% to 363 million euros, in line with its previously communicated outlook.

This performance was nevertheless better than the analysts' consensus of 354 million euros.

Net sales were down 10% year-on-year, to 1.6 billion euros.

On a sequential basis, however, they were up by 3%, while underlying Ebitda rose by 23% quarter-on-quarter, buoyed by a rebound in volumes.

'Although our first-quarter 2024 results benefited from improved volume momentum (...) the pace of a global macroeconomic recovery remains uncertain', CEO Ilham Kadri warned in a statement.

As a result, the group merely reaffirmed its previously shared outlook, notably expecting underlying Ebitda of between 1.4 and 1.55 billion euros this year.

The share, listed on both the Brussels and Paris stock exchanges, lost 1.5% following this lackluster publication.

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