BERLIN (dpa-AFX) - Covestro AG (CVVTF.PK, COVTY.PK), a manufacture of high-tech polymer materials, reported Monday that its third-quarter net income more than doubled to 472 million euros from last year's 179 million euros.
EBITDA was up 89 percent to 862 million euros from previous year's 456 million euros on the back of a strong upward trend in margins.
Sales increased 55.9 percent to around 4.3 billion euros from prior year's around 2.8 billion euros, driven by strong demand and higher selling prices.
The company recorded slight increase in core volumes sold.
Looking ahead for fiscal 2021, Covestro again revised its full-year guidance, and now anticipates EBITDA to be 3.0 billion euros to 3.2 billion euros. The previous estimate was 2.7 billion euros to 3.1 billion euros.
Due to limited product availability, core volume growth for the year as a whole is expected to be 10 percent to 12 percent, compared to previously expected 10 percent to 15 percent.
Covestro also assumes a positive medium-term trend. The company still expects a substantial increase in mid-cycle EBITDA from its current level of 2.2 billion euros to 2.8 billion euros in 2024.
Copyright RTT News/dpa-AFX