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Investing.com — Shares in Clariant AG (SIX:CLN) rose on Wednesday, after the Swiss speciality chemicals company reported a 27% rise in first quarter core earnings from continuing operations, beating estimates.
Core profit for the period came in at CHF 220M, above analyst forecasts compiled by the company. Clariant said the uptick was supported, in part, by solid performance at its Care Chemicals and Natural Resources units that helped offset higher raw material and energy costs, as well as supply chain constraints.
Sales from continuing operations were also better than expected, rising 30% in local currency and 26% in Swiss francs to CHF 1.26B, thanks to strong pricing.
Clariant confirmed its 2022 outlook, adding that it expects to improve its annual core earnings margin level despite the impact of geopolitical conflicts, high inflation, and COVID measures in China.
“Clariant had a strong start to 2022 despite the turbulent environment,” Clariant CEO Conrad Keijzer said in a statement. “Although the short-term macroeconomic uncertainty remains high, we are well on track to deliver on our mid-term targets.”
