Covestro AG (CVVTF.PK, COVTY.PK), a German maker of high-tech polymer materials, reported Tuesday that its third-quarter net income reached 33 million euros, compared to previous year's net loss of 31 million euros.
The EBITDA, a key earnings metric, increased 3.6 percent to 287 million euros from last year's 277 million euros, within the expected range.
Group sales of around 3.60 billion euros edged up 1 percent from prior year's 3.57 billion euros amid lower raw material prices that led to lower selling price levels.
In the third quarter, Covestro said it continued to increase its volumes sold, particularly in the EMLA and APAC regions.
Looking ahead, for fiscal 2024, Covestro has narrowed its guidance regarding EBITDA within given ranges, in light of the continued challenging economic environment.
The company now anticipates EBITDA between 1.0 billion euros and 1.25 billion euros, compared to previously expected between 1.0 billion euros and 1.40 billion euros.
Christian Baier, CFO of Covestro, said, "Overall, global demand is intact but remains at a low level. We continue to face challenges in various industries and regions. Nonetheless, we were able to slightly increase our EBITDA, indicating that our measures for efficiency and plant reliability are working. However, the economic environment remains challenging, and we have therefore narrowed our guidance for the full year accordingly."
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