The Lenzing Group’s revenue rose by 5.7 percent to 658.4 million euros in the first quarter of 2024 driven by higher fibre sales volumes.
The company said in a release that EBITDA for the quarter more than doubled to 71.4 million euros, while EBIT was slightly positive at 1.5 million euros compared with minus 41.4 million euros in the first quarter of 2023.
Earnings before tax (EBT) amounted to minus 17.8 million euros but better compared to minus 74.2 million euros in the previous year. Earnings per share amounted to minus 0.83 euros compared with minus 3.03 in the first quarter of 2023.
“The business development of the Lenzing Group is heading in the right direction in the first quarter. However, we cannot speak of a sustainable market recovery as long as price pressure in the fibre business remains high,” said Stephan Sielaff, Lenzing Group CEO.
The company added that by appointing a separate managing board member, the projects identified to date are expected to be implemented even more rapidly, and new potentials are to be leveraged. Lenzing expects that these measures will increasingly contribute to further earnings improvement over the coming quarters. Taking the aforementioned factors into consideration, the group confirms its guidance for the 2024 financial year of year-on-year higher EBITDA.