Leverkusen, Germany – Sales in the second quarter of 2020 are likely to be EUR 2.156bn, Covestro has said in a preliminary statement. Financial analysts expected the company to earn EUR 2.22bn in the period.
The company took the unusual step of releasing preliminary figures ahead of the full announcement on 23 June, because of the difference between its financial performance and the performance which financial analysts expected.
Although the preliminary sales figures are lower than analysts expected, preliminary EBITDA looks like it will be EUR 124m for the quarter. This is significantly better than the analyst predictions of about EUR 80m.
The company's quarterly profits are also looking better than the analysts had expected. Covestro said it expects to make a net loss of EUR 60m, compared to the analysts’ prediction of EUR 107m.