Covestro has started the fiscal year 2024 on a positive note. The Group was able to increase its sales volumes, in particular within the EMLA and APAC regions, with the former benefiting from higher plant availability. Due to lower average selling prices associated with lower raw material prices being passed on to customers, Group sales fell slightly by 6.2 percent to EUR 3.5 billion (previous year: EUR 3.7 billion). The Group's EBITDA fell by 4.5 percent to EUR 273 million (previous year: EUR 286 million). This was primarily a result of lower margins, although the impact was somewhat mitigated by reductions in raw material and energy costs, partially offsetting the decline in selling price level. Net income fell by 34.6 percent to EUR -35 million (previous year: EUR -26 million) in the first quarter of 2024, whereas the free operating cash flow (FOCF) improved by 7.2 percent to EUR -129 million (previous year: EUR -139 million).

"Our start to 2024 shows that we're focusing on the right things," says Dr Markus Steilemann, Chief Executive Officer of Covestro. "Our goal for the rest of the year is to further increase production, sales volumes and margins without losing sight of our costs. This balance drives our comprehensive transformation while solidifying the foundation for our commitment to becoming fully circular and climate neutral."

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Covestro AG published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 05:02:06 UTC.