BERLIN (dpa-AFX) - Covestro AG (CVVTF.PK, COVTY.PK), a manufacturer of high-tech polymer materials, reported that its first quarter EBITDA was 806 million euros, which was in line with the previous forecast between 750 million euros and 850 million euros. The consensus expected EBITDA to be 774 million euros. Free operating cash flow for the first quarter 2022 was 17 million euros.
The company will publish financial report for the first quarter 2022 on May 3, 2022.
The company projects second quarter 2022 EBITDA to be between 430 million euros and 530 million euros.
The company reduces its forecast for EBITDA, free operating cash flow for fiscal year 2022. It is a consequence of the ongoing COVID-lockdown in China, particularly around the Shanghai region, further significantly increasing energy and raw material costs and an assumed lower than expected global economic growth. The new expectation falls short of the previously provided forecast as well as current capital market expectations.
The company cut its fiscal year 2022 EBITDA outlook to a range of 2.00 billion euros and 2.50 billion euros from the previous forecast of 2.50 billion euros - 3.00 billion euros. The consensus expected EBITDA to be 2.703 billion euros.
The company now projects annul free operating cash flow to be between 400 million euros and 900 million euros compared to the the previous forecast of 1.00 billion euros - 1.50 billion euros. The consensus expected free operating cash flow to be 1.176 billion euros.
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