By Joshua Stein
Solvay SA said Wednesday that its net profit for the fourth quarter of 2020 rose, while sales fell.
The Belgian chemical company posted a net profit of 77 million euros ($93.6 million), compared with a net profit of EUR9 million a year earlier, and below a Vara Research consensus forecast of EUR118 million.
Earnings before interest, taxes, depreciation and amortization were EUR416 million, down from EUR516 million a year earlier.
Net sales for the fourth quarter fell to EUR2.21 billion from EUR2.44 billion, bringing annual sales to EUR8.97 billion.
Solvay said sales for the year were down due to the impact of the coronavirus pandemic on civil aero and oil-and-gas volumes, but that the impact was moderated by demand in other sectors including healthcare and consumer goods.
The company proposed a total dividend of EUR3.75 a share, equivalent to 2019’s dividend.
For the first quarter of this year, Solvay expects Ebitda of between EUR520 million and EUR550 million and a noncash restructuring provision of around EUR170 million.
Write to Joshua Stein at email@example.com
(END) Dow Jones Newswires
February 24, 2021 01:43 ET (06:43 GMT)
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Read More: Solvay 4Q Net Profit Rose, Sales Fell