The Urethane Blog

Covestro Q1 Results

Covestro Q1 adj EBITDA up 22 pct on lower raw material prices


German plastics and chemicals company Covestro said adjusted core earnings gained 22 percent in the first quarter as cheaper raw materials outweighed a decline in prices of its transparent polycarbonate plastics and foam chemicals.

Earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, gained 22 percent to 508 million euros ($570.94 million), also bolstered by a 30 million euro CovestroLargereimbursement.

That was above the 437 million euros expected on average in a Reuters poll of analysts.

It said it still predicted a 2016 sales volume increase of a medium single-digit percentage at its main products and that free operating cash flow would be unchanged but remain above the average for previous years. ($1 = 0.8898 euros) (Reporting by Ludwig Burger; Editing by Harro ten Wolde)