Citigroup sees some Europe Q2 chems strength
28 July 2008 12:06 [Source: ICIS news]
LONDON (ICIS news)--Tough trading and cost pressures will be reflected in upcoming second-quarter financial results for Europe’s chemical players but there will be some pockets of strength, Citigroup said on Monday.
Tougher trading at BASF should have been offset by strong agrochemicals and oil and gas division results. Citigroup forecasted earnings per share (EPS) growth for the quarter of 11% to €1.17.
Akzo Nobel’s results will reflect tougher trading in paints and cost-cutting but a solid performance from chemicals, the bank suggested in its latest
Its second-quarter EPS were expected to be down 2% at €1.36.
Weak data are expected from Clariant, Citigroup said, with its EPS down 40% to Swfr0.35.
Vitamins and agricultural sector performance should support second-quarter EPS growth for DSM, the bank added, although the Netherlands-based producer's other divisions face cost pressures and weak demand.
Croda should have strong results from oleochemical strength and success in passing through cost pressures, it said, while Symrise's 2008-2009 EPS estimates were trimmed on pressure from raw material costs and the weakness of the US dollar.
Booming crop science and solid healthcare divisions should offset lower profits in Bayer’s MaterialsScience businesses, Citigroup said.
Citigroup also forecasted a fall in EPS at Solvay to €1.85, a flat EPS for Wacker and 13% EPS growth for Linde to €1.26 driven by new contracts, synergies from the BOC acquisition and lower financial charges.
($1 = €0.63/Swfr1.04)
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