Lanxess's 3Q Earnings Hampered by U.S. Dollar -- Currency Comment
November 04 2021 - 3:26AM
Dow Jones News
By Mauro Orru
Lanxess AG posted higher adjusted earnings in the third quarter
despite a sharp increase in raw-material, energy and freight costs,
but it said that adverse exchange rates, particularly from the U.S.
dollar, prevented a further rise in earnings.
The German specialty-chemicals company reported adjusted
earnings before interest, taxes, depreciation and amortization of
EUR278 million, up from EUR193 million in the third quarter last
year.
Lanxess conceded that "adverse exchange rates, mainly from the
U.S. dollar, but especially higher energy and freight costs
prevented a further increase in earnings."
The euro, in which Lanxess reports earnings, trades at
$1.1576.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
November 04, 2021 04:11 ET (08:11 GMT)
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