In the course of preparing Covestro’s group accounts for the first quarter 2023, preliminary financial figures deviate from capital market expectations, based on the average values of latest consensus estimates of financial analysts, published by Vara Research on April 13, 2023.
“Demand in the first quarter remained at a weak level, however, we took the right measures on the cost side. As a result, the first three months of 2023 have been significantly better than expected at the beginning of the year,” says Dr. Thomas Toepfer, CFO of Covestro.
Therefore, Covestro provided the following preliminary key financial data for the first quarter 2023:
Preliminary sales amount to EUR 3,743 million. The consensus expects EUR 3,942 million.
Preliminary EBITDA amounts to EUR 286 million. The previous guidance expected EBITDA to be between EUR 100 million and EUR 150 million. The consensus expects EUR 158 million.
Preliminary net income amounts to around EUR -30 million. The consensus expects EUR -77 million.
Preliminary free operating cash flow (FOCF) amounts to around EUR -140 million.
The interim statement for the first quarter 2023 will be published on April 28, 2023.