October 5, 2012 / 8:26 AM / in 5 years

Lanxess confirms 2012 outlook to quell market talk

FRANKFURT, Oct 5 (Reuters) - Lanxess confirmed its full-year earnings outlook on Friday following speculation that the German rubber chemicals specialist was guiding market participants lower about its business prospects.

Lanxess, which competes with Exxon Mobil in the rubber market, said it continues to expect 2012 earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, to rise 5-10 percent.

Traders earlier pointed to market talk that Lanxess was signalling to investors and analysts that its business was weakening, dragging its shares as much as 2.7 percent lower.

The stock traded 1.2 percent lower at 0816 GMT, while the STOXX Europe 600 Chemicals gained 0.4 percent.

According to Thomson Reuters StarMine, analysts earlier this week lowered their predictions for third-quarter EBITDA, due to be announced on Nov. 6, from about 295 million euros ($384 million) to 280 million euros on average. ($1 = 0.7689 euros) (Reporting by Daniela Pegna, Frank Siebelt and Ludwig Burger)

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