Industria
SYENSQO - Third Quarter 2024 Results
SYENSQO THIRD QUARTER 2024 RESULTS
Brussels, Belgium – November 05, 2024 - 07:00 CET
RETURN TO VOLUME GROWTH WITH 5% YEAR-ON-YEAR INCREASE AND ROBUST MARGINS IN A CHALLENGING MARKET ENVIRONMENT
Highlights
Dr. Ilham Kadri, CEO
“In the context of ongoing macroeconomic and demand uncertainty, I am pleased that we returned to year-on-year volume and top line growth in Q3, led by double digit increases in Composite Materials and Novecare. We also delivered another quarter of robust margin performance across most of our business units as well as sequential improvements in both segments, led by Specialty Polymers, Technology Solutions and Novecare.
“The sharper focus we have gained since the separation has allowed us to accelerate our strategy to create value for shareholders. This has included more optionality around how we allocate capital, prioritizing our investments towards the most attractive growth opportunities and continually reviewing our costs. Now that we see more clearly our needs and how we can better serve our customers, we plan to take actions to become even more efficient to further improve our operating leverage and support the delivery of our mid-term plan.”
“Aided by our strong financial position, our Board of Directors also approved a new EUR 300 million share buyback program at the end of the quarter, which we expect to commence immediately.”
2024 Outlook
While we expect year-on-year volume growth to continue in the fourth quarter of 2024, a number of our end markets continue to be impacted by ongoing macroeconomic and industry uncertainties, most notably Automotive and Aerospace.
In addition, our outlook reflects fourth quarter seasonality as well as the expected EBITDA and cash flow impacts from the strike at Boeing and its related supply chain disruption.
As a result, our full year 2024 outlook is now as follows:
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Safe harbor
This press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
About Syensqo
Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team of more than 13,000 associates.
Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and health care applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity.
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