Covestro lowers upper-end of 2024 profit target again amid tough economy
29/10/2024 06:00
Oct 29 (Reuters) - German chemicals producer Covestro
1COV.DE lowered the upper end of its full-year core profit
outlook on Tuesday for the second time this year, citing
lacklustre global demand amid a challenging economic
environment.
The company, whose main products include foam chemicals used
in mattresses, car seats and insulation for buildings, now
expects its annual core profit to come between 1 billion and
1.25 billion euros ($1.08 billion-$1.35 billion).
Covestro had previously forecast its 2024 earnings before
interest, tax, depreciation and amortisation (EBITDA) at 1
billion to 1.4 billion euros.
The company's EBITDA rose 3.6% to 287 million euros during
July-September, but slightly missed analysts' average estimate
of 292 million euros in a company-provided consensus.
($1 = 0.9250 euros)
(Reporting by Bartosz Dabrowski in Gdansk; Editing by Sherry
Jacob-Phillips)
((bartosz.dabrowski@thomsonreuters.com; +48 58 7696560;))