Ineos - LTM trends sill down despite better than expected 2Q18 results
Commodity chemical producer Ineos posted better than expected 2Q18 results, with EBITDA up 7% yoy, while the LTM net leverage ratio slightly improved sequentially to 1.8x in 2Q18 vs 1.9x in 1Q18, and polymer demand has remained strong in both the US and Europe. It should be remembered that 1Q18 results were particularly weak, so LTM EBITDA is still down 6% y-o-y despite some improvement in 2Q18. Management will discuss the results in the conference call set up for July 26, 2018.
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