Recasts with share move and analyst comments on Q2 outlook, paragraphs 1 and 4-6

By Ozan Ergenay

May 7 (Reuters) - Lanxess LXSG.DE reported muted first-quarter results on Thursday, blaming a persistently weak market environment, and forecast second-quarter core earnings below market expectations, sending its shares falling 9% in early trading.

The German speciality chemicals maker said geopolitical uncertainties and last year's asset sales also weighed on the results, while cheaper raw materials and price pressures from Asia in some segments pushed selling prices down.

The Cologne-based company expects an improvement in the second quarter, targeting earnings before interest, taxes, depreciation and amortisation (EBITDA) pre-exceptionals of between 130 million and 150 million euros ($153 million and $176 million), compared with 94 million euros in the first quarter.

However, that guidance range failed to impress investors and analysts, who had expected a bigger rise after first-quarter EBITDA met the market consensus provided on Lanxess' website.

"Given weaker than expected Q2 guidance, we believe stock will likely underperform this morning," J.P. Morgan said in a note to investors.

At its midpoint, the outlook range was 25% below J.P. Morgan's estimate of 188 million euros, the analysts wrote.

The war in the Middle East has roiled global markets, driving oil prices higher and re-igniting concerns over global inflation and growth, as the vital Strait of Hormuz remains closed.

But Lanxess CEO Matthias Zachert indicated some European suppliers may also benefit from the conflict, as supply concerns push some customers to shop locally.

"The start of the year was weak, but since March we have seen a slight positive momentum. Due to the conflict in the Middle East, the supply chains of many Asian competitors have been disrupted, causing customers to turn back to European suppliers such as Lanxess," Zachert said in a statement.

Lanxess confirmed its full-year guidance.

($1 = 0.8499 euros)