BERLIN (dpa-AFX) - Covestro AG (CVVTF.PK, COVTY.PK) reported that its first-quarter net income surged to 393 million euros from the previous year's 20 million euros.
EBITDA grew to 743 million euros from 254 million euros in the previous year.
Free operating cash flow or FOCF was 318 million euros, compared to negative 249 million euros last year.
Group sales for the quarter increased 18.8 percent year-over-year to 3.3 billion euros, primarily on account of higher average selling prices.
Core volume growth was up 5.3 percent compared to last year's first quarter. It was attributable mainly to a strong rebound in demand in the Asia-Pacific (APAC) region, where a massive drop in volumes was recorded in 2020's first quarter due to the coronavirus pandemic.
On April 13, 2021 Covestro adjusted its outlook for fiscal year 2021 and revised its guidance upward. The Group now expects EBITDA to range between 2.2 billion euros and 2.7 billion euros. FOCF is projected to amount from 1.3 billion euros up to 1.8 billion euros. Core volume growth at Covestro is still anticipated to come in at between 10 percent to 15 percent.
Covestro expects EBITDA in the second quarter of 2021 to amount to between 730 million euros and 870 million euros.
Copyright RTT News/dpa-AFX