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RHI Magnesita trading in line as sales growth offset by supply-chain issues
StockMarketWire.com
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Refractory products supplier RHI Magnesita said it was performing in line with market expectations, with a recovery in sales offset by supply-chain disruptions.
RHI Magnesita said its expectations for 2021 adjusted earnings before interest, tax, depreciation and amortisation remained in line with market forecasts, based on company-complied consensus of €310 million.
Revenue momentum continued to improve through the first quarter 2021 in both the steel and industrial divisions as end markets strengthened.
However, the company said it experienced challenges in rebuilding its supply chain during the quarter, ahead of rising customer demand.
'This has been aggravated by industry-wide delays in sea freight and higher sea freight costs,' it said.
'Together these have resulted in an increase in lead times to fulfil orders and additional costs being incurred in the quarter to ensure customer expectations are met.'
RHI Magnesita said the supply chain challenges had started to ease in the second quarter.
Story provided by StockMarketWire.com
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