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Elementis sees annual performance within top end of market forecasts after strong Q1
StockMarketWire.com
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Specialty chemicals company Elementis said it expected performance toward the top end of market expectations after reporting 'strong' first-quarter performance ahead of its expectations.
Further steady demand improvement from H2 2020 levels coupled with ongoing self help actions, will drive improved financial performance, towards the top end of consensus expectations, the company said.
Consensus expectations for adjusted operating profit to be in the range of $92 million to $103 million with an average of $97 million.
For the three months ended 31 March 2021, revenue increased approximately 6% on the prior year period, following 'the successful execution of self help actions augmented by improved underlying demand, customer restocking and currency tailwinds,' the company said.
'We have made a strong start to the year, with improved year on year profitability, driven by increased demand across industrial end markets,' it added.
'This positive momentum has continued into the second quarter and demand remains healthy.
Story provided by StockMarketWire.com
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