Lanxess seen down after deeper-than expected FY profit outlook cut on weak demand

Shares in Lanxess LXSG.DE fall around 2% in early Frankfurt trade after the German speciality chemicals maker cut its FY profit guidance, due to persisted weak demand

Lanxess now expects FY EBITDA pre exceptionals of 528 million to 580 million euros ($617.71-$678.54 million), having previously a forecast range of 600 million to 650 million euros

The German company's CEO Matthias Zachert said in a statement that ongoing tariff discussions with the U.S. increase market uncertainty and deteriorate the situation for the European chemical industry considerably

"Warning was expected but not in that deep...," a local trader says

The stock, which has gained 3% YTD, is seen among the worst performers of Germany's mid-cap index .MDAXI

($1 = 0.8548 euros)