Covestro: cuts full-year EBITDA guidance
(CercleFinance.com) - Germany's Covestro cut its full-year guidance for earnings before interest, tax, depreciation and amortisation (EBITDA) on Monday, citing a challenging economic climate, particularly in the automotive sector.
The manufacturer of high-tech polymer materials for different industries now estimates that its full-year EBITDA will be between 1.57 billion euros and 1.65 billion euros.
It previously said it expected full-year EBITDA of between 1.5 billion euros and 2 billion euros.
The company reported a 50.5% drop in third-quarter EBITDA to 425 million euros, mainly due to price decreases.
At the same time, as expected, group sales declined by 14.6% to 3.2 billion euros, due to lower prices.
The shares were up 0.7% on the XETRA market after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The manufacturer of high-tech polymer materials for different industries now estimates that its full-year EBITDA will be between 1.57 billion euros and 1.65 billion euros.
It previously said it expected full-year EBITDA of between 1.5 billion euros and 2 billion euros.
The company reported a 50.5% drop in third-quarter EBITDA to 425 million euros, mainly due to price decreases.
At the same time, as expected, group sales declined by 14.6% to 3.2 billion euros, due to lower prices.
The shares were up 0.7% on the XETRA market after these results.
Copyright (c) 2019 CercleFinance.com. All rights reserved.