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Covestro Raises FY EBITDA Outlook

Covestro AG (CVVTF.PK,COVTY.PK), a manufacture of high-tech polymer materials, said it raised its fiscal year 2020 forecast for EBITDA and free operating cash flow citing a better than expected business development in the fourth quarter 2020.

For fiscal year 2020, the company now expects EBITDA to be between 1.44 billion euros and 1.50 billion euros, compared to the prior outlook of EBITDA at around 1.200 billion euros. The adjustment of the guidance is primarily due to a better margin development in the segments Polyurethanes and Polycarbonates.

Free operating cash flow is now expected between 400 million euros and 550 million euros. The previous guidance projected FOCF between 0 million euros and 300 million euros.

The 2020 annual report will be published on February 23, 2021.

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