Q3 2024 Clariant AG Earnings Call Transcript
Key Points
- Clariant AG (CLZNF) reported stable pricing across all business units despite a deflationary environment, showcasing strong pricing ability.
- The integration and business combination of Lucas Meyer Cosmetics is on track, contributing positively to growth and profitability.
- The company achieved CHF7 million in cost savings in the third quarter, with over 90% of the CHF175 million savings target already realized.
- Clariant AG (CLZNF) identified additional restructuring opportunities, expected to deliver annual run rate savings of CHF6 million.
- The nomination of Ben van Beurden as a candidate for Clariant's Chairman brings extensive experience in the energy and chemical sectors, potentially benefiting the company's strategic direction.
- Clariant AG (CLZNF) experienced a 1% decrease in sales in local currency, with a negative currency impact of 3%.
- Volumes were down 3%, with lower-than-expected catalyst volumes impacting overall performance.
- Reported EBITDA decreased by 13% year-on-year, with a corresponding margin drop to 14%.
- The chemical industry faces uncertainties and risks, with expectations of recovery shifting to 2025.
- The European chemical industry continues to be challenged by weak demand and declining business confidence, impacting Clariant's performance in the region.
Ladies and gentlemen, welcome to the Clariant third quarter nine months figures 2024 conference call and live webcast. I'm Sandra, the Chorus Call operator. (Operator Instructions) And the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Andreas Schwarzwaelder, the Head of Investor Relations. Please go ahead, sir.
Thank you, Sandra, and ladies and gentlemen, good afternoon. This is Andreas Schwarzwaelder, and it's my pleasure to welcome you to this call. Joining me today are Conrad Keijzer, Clariant's CEO; and Bill Collins, Clariant's, CFO. Conrad will start today's call by providing a summary of the third quarter development, followed by Bill, who will guide us through the group's financials for the period. Conrad will then conclude with the outlook for the full year 2024 and the medium term. There will be a Q&A session following our presentation. At this time, all
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