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Lanxess AG said Wednesday that third-quarter net profit fell, dragged by higher depreciation and weaker automotive demand.
The German specialty-chemical company LXS, -2.18% said that net profit dropped 14% to 69 million euros ($76.1 million) from EUR80 million in the same period last year.
Sales for the period came in broadly unchanged compared with last year at EUR1.78 billion, the company said. Analysts had Lanxess’s sales at EUR1.83 billion and net profit at EUR103 million, according to a FactSet consensus.
“Earnings were negatively impacted in particular by lower demand from the automotive industry and the weak chrome-ore business”, it said.
The company backed its full-year guidance.
