(Bloomberg) -- Clariant AG reported profit that beat analysts’ estimates as the Swiss specialty chemical maker extended its switch to making higher margin plastics and coatings additives while benefiting from improved demand for ingredients for cosmetics.
Earnings before interest, tax, depreciation, amortization and one-time items increased 11 percent to 229 million Swiss francs ($236 million) in the first quarter, the Basel-based company said Thursday in a statement. Analysts had predicted 209 million francs.
Chief Executive Officer Hariolf Kottmann had ground to make up after the previous quarter’s profit and dividend announcement disappointed investors, sending the shares down as much as 6 percent on the day. Since taking the helm in 2008, Kottmann has transformed the Swiss company by making acquisitions, divesting commodity chemical assets and stepping up innovation in areas such as cosmetic ingredients, oil-drilling chemicals and catalysts.
To contact the reporter on this story: Andrew Noël in London at email@example.com. To contact the editors responsible for this story: Tara Patel at firstname.lastname@example.org, Andrew Noël
©2016 Bloomberg L.P.