Croda 2Q Rev. GBP263m, Est. GBP268m; Confirms 2014 Forecast
2014-07-22 06:16:45.241 GMT
By Chiara Remondini
July 22 (Bloomberg) -- Croda 2Q rev. GBP263m, est. GBP268m.
* Adj. pretax profit GBP60.1m vs restated GBP68.1m
* Adj. operating profit GBP63.6m vs restated GBP71.2m
* FX had “significant impact” on results
* Currency translation reduces 1H sales by GBP38.3m (6.8%)
* FX, transaction costs cut operating profit by GBP11.4m
* Interim div. 29.5p, BDVD est. 30.5p
* Outlook: repeats 2013 pretax profits to come in below 2013,
sees underlying profit progress this yr
* Says visibility remains limited
* Sees adverse FX effects in 3Q at similar level vs 2Q
* Sees underlying sales, profit progress in 2H and beyond
* NOTE June 24: Croda cut 2Q pretax profit outlook, saw it to
drop 8% q/q vs previous forecast of similar to 1Q
* Still expected to achieve underlying profit progress in
2014, saw pretax profit drop vs 2013; said M/T targets
unchanged, confident in L/T strategy
Statement
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To contact the reporter on this story:
Chiara Remondini in Milan at +39-02-8064-4241 or
cremondini@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Jurjen van de Pol
2014-07-22 06:16:45.241 GMT
By Chiara Remondini
July 22 (Bloomberg) -- Croda 2Q rev. GBP263m, est. GBP268m.
* Adj. pretax profit GBP60.1m vs restated GBP68.1m
* Adj. operating profit GBP63.6m vs restated GBP71.2m
* FX had “significant impact” on results
* Currency translation reduces 1H sales by GBP38.3m (6.8%)
* FX, transaction costs cut operating profit by GBP11.4m
* Interim div. 29.5p, BDVD est. 30.5p
* Outlook: repeats 2013 pretax profits to come in below 2013,
sees underlying profit progress this yr
* Says visibility remains limited
* Sees adverse FX effects in 3Q at similar level vs 2Q
* Sees underlying sales, profit progress in 2H and beyond
* NOTE June 24: Croda cut 2Q pretax profit outlook, saw it to
drop 8% q/q vs previous forecast of similar to 1Q
* Still expected to achieve underlying profit progress in
2014, saw pretax profit drop vs 2013; said M/T targets
unchanged, confident in L/T strategy
Statement
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Chiara Remondini in Milan at +39-02-8064-4241 or
cremondini@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Jurjen van de Pol