Brenntag Cuts Profit Target Amidst Stiff Competition
Chemical Distributor Adjusts Outlook
Shares Decline After Conference Call
Essen, Germany – Brenntag SE, a leading global chemical distributor, has announced a reduction in its profit target for the current financial year. The company cited intense competition and ongoing price pressures as the primary factors behind the adjustment.
During a conference call with analysts, Brenntag executives expressed concerns about the challenging market conditions. The company's revenue growth has slowed down in recent months, while input costs have continued to rise.
As a result, Brenntag has revised its earnings per share (EPS) target for 2023. The new target is expected to be in the range of €1.10 to €1.20 per share, down from the previous estimate of €1.25 to €1.35.
The announcement has sent Brenntag's shares lower on Tuesday. The stock is currently trading at €55.40, down by 3.2% from Monday's closing price.
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