(RTTNews) - Covestro AG (CVVTF.PK, COVTY.PK), a manufacture of high-tech polymer materials, Tuesday reported higher net profit for the third quarter, but sales slid from last year due to lower selling prices. The company raised its EBITDA guidance for the full year.
The company's net income attributable to shareholders grew by 21.8 percent to 179 million euros and earnings per share rose by 22.5 percent to 0.98 euros.
EBITDA for the quarter increased by 7.3 percent to 456 million euros. The company attributed the growth mainly to a lower cost level achieved with cost-cutting measures.
Sales for the third quarter slid by 12.7 percent to 2.8 billion euros. However, core volumes grew 3 percent as a result of significant improvement in demand.
Looking ahead, the company raised its guidance for the full year 2020 and said it looks forward to the fourth quarter with confidence. It now expects EBITDA at about 1.2 billion euros for the full year, compared to its previous guidance of 700 million euros - 1.2 billion euros.
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