(Sharecast News) - Chemicals company Elementis said on Tuesday that fourth-quarter adjusted operating profits were now expected to be in the range of $105.0-107.0m, modestly ahead of expectations.
Elementis stated the outperformance was driven by double-digit year-on-year underlying revenue growth, "agile" supply chain management, and self-help actions taken throughout the period.
The FTSE 250-listed firm said its coatings unit performed well in the quarter, and ahead of the prior year, while its personal care performance improved year-on-year and its chromium performance improved on the prior year thanks to "strong industrial demand", supported by improved pricing trends.
On the other hand, Elementis noted that its talc performance was below the prior year as semi-conductor supply shortages continued to reduce automotive-related demand.
Elementis also highlighted that for the full year ended 31 December 2021, it launched over 20 new products, won more than $35.0m of new business and delivered $10.0m of in-year cost savings.
As of 0840 GMT, Elementis shares were up 2.52% at 138.10p.
Elementis (ELM)1 Jun 2024 13:58
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