Covestro: back to profit in Q3
(CercleFinance.com) - Covestro reports that group sales reached E3.
6bn in Q3, up 1% y-o-y.
Q3 EBITDA rose by 3.6% to E287m, while EBIT was E76m (+7%).
At +E33m, Covestro returned to profit in Q3, wiping out the loss of E31m recorded a year earlier.
On the other hand, FCF contracted by 63% to E112m.
We ended the third quarter of the year with higher sales volumes and improved results, said Covestro CEO Dr Markus Steilemann. Nevertheless, the current market environment remains challenging. Our priority is therefore clear: we continue to do our job, focus on the levers we have mastered, and rigorously apply our 'Sustainable Future' strategy.
Given the persistently difficult economic environment, Covestro now anticipates EBITDA of between E1bn and E1.25bn for 2024 (vs. previously between E1bn and E1.4bn).
Covestro also continues to forecast free operating cash flow of between -100 and +100 million euros.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
6bn in Q3, up 1% y-o-y.
Q3 EBITDA rose by 3.6% to E287m, while EBIT was E76m (+7%).
At +E33m, Covestro returned to profit in Q3, wiping out the loss of E31m recorded a year earlier.
On the other hand, FCF contracted by 63% to E112m.
We ended the third quarter of the year with higher sales volumes and improved results, said Covestro CEO Dr Markus Steilemann. Nevertheless, the current market environment remains challenging. Our priority is therefore clear: we continue to do our job, focus on the levers we have mastered, and rigorously apply our 'Sustainable Future' strategy.
Given the persistently difficult economic environment, Covestro now anticipates EBITDA of between E1bn and E1.25bn for 2024 (vs. previously between E1bn and E1.4bn).
Covestro also continues to forecast free operating cash flow of between -100 and +100 million euros.
Copyright (c) 2024 CercleFinance.com. All rights reserved.