Covestro significantly raised its full-year earnings outlook as it expected the supply and demand imbalance to persist. The German chemical maker now expects EBITDA of €2.7 billion-3.1 billion ($3.1 billion-3.6 billion) for the whole of 2021, an increase of €900 million-1 billion from its previous guidance. This highlights the company’s confidence in doubling the €1.6-billion EBITDA posted in 2019 and closing to an extremely strong performance in 2018 when it recorded an EBITDA of €3.2 billion.
Covestro registered a net income of €842 million ($984 million) in the first half of 2021, swinging from a loss of €32 million in the same period in 2020 and beating the €368-million net income in 2019. The company attributed the robust performance in January-June to significant improvements in pricing and sales across its polyurethanes (PU), polycarbonates (PC), and coatings core businesses.
