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Lanxess quarterly sales rise 9.6% driven by price hikes

By Reuters News

Nov 5 (Reuters) - Speciality chemicals maker Lanxess LXSG.DE reported a 9.6% increase in its quarterly sales on Thursday, slightly above market expectations, largely driven by prices hikes to offset higher costs.

The Cologne-based company posted revenue of €1.46 billion ($1.64 billion) for the third quarter, compared with analysts' forecast of €1.44 billion in a poll provided on Lanxess' website.

Lanxess said it now expects annual earnings before interest, taxes, depreciation and amortisation (EBITDA) pre-exceptionals at the upper end of its previously forecast range of €450 million to €500 million ($507 million to $563.05 million).

Its quarterly EBITDA pre-exceptionals rose by 11.2% to €139 million, compared with analysts' estimate of €138.2 million.

CEO Matthias Zachert said demand remained subdued across several of the company's core markets, particularly agrochemicals, automotive and construction.

The German chemicals sector, the country's third-largest, has been struggling with weak demand, high energy costs, supply chain disruptions and a broader economic slowdown.


($1 = 0.8880 euros)

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