Covestro AG reported its net earnings doubled year-on-year €472 million ($546.23 million) for the third quarter of 2021 thanks to significantly improved selling prices which offset higher raw material costs. Meanwhile, quarterly sales surged 56% to €4.30 billion ($4.98 billion). Those results comfortably beat analysts’ estimates of €445 million ($514.98 million) earnings and €3.93 billion ($4.55 billion) sales. EBITDA came in at €862 million ($997.56 million), increasing 89% from a year earlier and surpassing estimates of €854 million ($988.30 million).
For the first three quarters of 2021, Covestro reported that group sales jumped 50.2% year-on-year to €11.56 billion ($13.38 billion), primarily due to the rise in selling prices. EBITDA tripled year on year to €2.42 billion ($2.80 billion), with net income increasing nearly ninefold to €1.31 billion ($1.52 billion). The company raised its full-year EBITDA projection to €3.0 billion–€3.2 billion ($3.47 billion-$3.70 billion) from €2.7 billion–€3.1 billion ($3.12 billion-$3.59 billion) previously.
