LEVERKUSEN, Germany — In the third quarter of 2019, Covestro was able to achieve core volume growth of 5.3% over the prior-year period in a continuing challenging economic environment. At the same time, group sales declined as expected by 14.6% to €3.2 billion due to continued lower selling prices. At €425 million, EBITDA forecast was achieved for the quarter but was down 50.5% from the prior-year quarter as a result of negative price effects. Net income fell to €147 million (–70.4%), whereas free operating cash flow (FOCF) came in at €243 million (–58.0%). This was primarily because of reduced cash flows from operating activities as well as scheduled investments.
“After generating solid volume growth in the second quarter, demand once again grew in the third quarter,” said CEO Dr. Markus Steilemann. “The economic climate remains challenging, which we notice particularly in the automotive sector. However, our volume growth indicates that our business is well diversified across various industries.” Growth was attributable mainly to the construction, furniture, electrical and electronics industries.