Croda Reports Soft 1H Results on U.S.-China Trade War Issues; Shares Overvalued
Narrow-moat Croda reported first-half EBIT of GBP 175 million, flat over 2018 and below consensus and our expectations. The United States-China trade war was the key driver of lower demand, particularly in personal care. The outlook for second-half 2019 will not assuage any concerns. Croda is now expecting a slight improvement in performance during second-half 2019 compared with the prior year, which doesn’t tally with consensus expectations for a 10% increase in EBIT. Shares are trading down 4%...Croda International creates, makes, and sells specialty chemicals. Co.'s sales, marketing and research activities are organized into four global market sectors: Personal Care, which focuses on ingredients for skin, hair, sun protection and color cosmetic products; Life Sciences, which comprises of three complementary businesses: Health Care, Crop Protection, and Seed Enhancement; Performance Technologies, which targets technologies in Smart Materials and Energy Technologies and continues to develop its presence in Home Care and Water Treatment; and Industrial Chemicals, which is a sector based on selling co-streams, developing niche industrial applications and undertaking toll processing.
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