Shares in Lenzing AG trade lower Tuesday after the company said 2022 Ebitda will decline due to restructuring costs and a poor market environment.
At 1148 GMT, Lenzing shares traded 7.2% lower at EUR55.40 after the company set out its earnings forecast late Monday.
The Austrian textiles company expects earnings before interest, taxes, depreciation, and amortization to come in at around 250 million euros ($265 million) for 2022. Lenzing had suspended its earnings guidance on Sept. 19, but in August the company anticipated 2022 Ebitda would be significantly above the 2021 level of EUR362.9 million.
The drop in earnings is due to the deterioration in the global energy and raw-material markets, one-off restructuring costs, and the devaluation of the U.S. dollar against the euro in the fourth quarter, the company said.