BERLIN (dpa-AFX) - Covestro AG (CVVTF.PK, COVTY.PK), a manufacturer of high-tech polymer materials, reported Tuesday that its first-quarter net income increased 5.9 percent to 416 million euros from previous year's 393 million euros.
EBITDA grew 8.5 percent to 806 million euros from last year's 743 million euros.
Group sales increased 41.6 percent to 4.7 billion euros from previous year's 3.3 billion euros, mainly driven by higher average selling prices.
Looking ahead for the second quarter, the company anticipates EBITDA to be 430 million euros to 530 million euros.
Further, the company reduced earnings outlook for 2022 citing the ongoing coronavirus-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.
Covestro now expects EBITDA will be 2.0 billion euros to 2.5 billion euros, down from previously expected 2.5 billion euros to 3.0 billion euros. The FOCF will be 400 million euros to 900 million euros for the full year, compared to previously expected between 1.0 billion euros and 1.5 billion euros.
Covestro's greenhouse gas emissions measured as CO2 equivalents are now projected to rise to between 5.5 million and 6.0 million metric tons, while previous outlook was between 5.6 and 6.1 million metric tons.
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