Covestro Q3 Profit Rises, But Sales Down; Ups FY EBITDA View

(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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos


    Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

    Learn More