As demand for June picked up, Covestro’s preliminary second-quarter net loss and earnings before taxes have come in above the market’s consensus expectations.
Because of the pandemic, key customers from the automotive and electronics industries had to shut down factories. Thus, Covestro’s Q1 numbers and 2020 outlook had been hurt by the global coronavirus crisis.
The company said its preliminary net loss came in at around $67.95 million while analysts in a Vara Research consensus expected a loss of 107 million
The situation is still not clear enough to say that the company’s Q3 is also going to be much better than the market’s expectations, its spokesman said.
Covestro’s Q2 volumes implied a single-digit percentage decline in June, JP Morgan analysts said, an improvement from the slump of about one third that the company experienced in April and May.
