Covestro sales, EBITDA down in Q1 2019 after strong 2018

Leverkusen, Germany — Raw materials giant Covestro had total sales of EUR 3.175bn in first quarter of 2019, down 16.0 % on the previous financial year.

EBITDA across the business fell 58.4% to EUR 442m in the first quarter of 2019.

Sales in the company's polyurethanes business fell 24.3 % between Q1 2018 and Q1 2019 to EUR 1.5bn in the Q1 2019 period. This compares with EUR 1.9bn in the previous period.

EBITDA in the division were EUR 157m in the first quarter of 2019, a fall of 75.4%.

The company said that volumes in the business were almost unchanged quarter to quarter, but all geographic regions posted lower sales.

The company's coatings adhesives specialties business posted sales of EUR 627m in the Q1 2019 period, a rise of 5.9% between Q1 2018 and Q1 2019. This compares with EUR 592m in the previous period.

EBITDA across the division rose by 7.4% to EUR 146m in the first quarter of 2019. Prices rose, as did volumes, Covestro said. Exchange rates also helped the business in the quarter.

Sales in the company's polycarbonate business fell by 16.7% between Q1 2018 and Q1 2019, to EUR 860m. This compares with EUR 1033m in the previous period.

EBITDA across in the division fell 48.8% at EUR 155m in the first quarter of 2019. Performance in this business is driven by the automotive industry, which was weak in the quarter.

'The first quarter is in line with our guidance, and confirms our subdued expectations for the full year,' said CEO Markus Steilemann. 'Demand for our innovative and sustainable materials remains intact.'