By Nina Kienle

Clariant shares dropped on Tuesday after the Swiss chemicals company posted third-quarter sales and earnings figures that missed market expectations.

In European morning trading, shares fell 4.7% to 12.16 Swiss francs.

For the three months through September, the company posted sales that fell 4% on year to 991 million Swiss francs ($1.15 billion). Earnings before interest taxes, depreciation and amortization fell to 139 million francs from 159 million francs, with a margin of 14.0%. Ebitda before exceptional items declined to 155 million francs from 164 million francs, with a margin of 15.6%.

The results were below analysts' expectations of sales at 1.01 billion francs and Ebitda before exceptional items at 156 million francs, according to Vara Research estimates provided by the company.

Clariant said it expects inflationary pressures to ease during the year, but that it continues to face a challenging environment. For 2024, it targets a reported Ebitda margin around 16%, and expects sales to decline in a low single-digit percent, it said.

Although results were slightly negative, Clariant is becoming a focused and attractive specialty chemicals company and is gradually transforming into a more attractive investment story with a realigned portfolio, Vontobel analysts said in a note to clients.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

October 29, 2024 04:50 ET (08:50 GMT)

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