Oct. 27, 2020, 2:24 a.m. EDT

Covestro's net profit beats analyst expectations

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By Kim Richters

Covestro AG said Tuesday that third-quarter net profit rose, beating analysts' expectations.

The German chemicals group's net profit came in at 179 million euros ($211.4 million) for the period compared with EUR147 million a year earlier and Vara Research consensus expectations of EUR112 million.

As reported earlier in October, earnings before interest, taxes, depreciation and amortization came to EUR456 million, a 7.3% rise on year and boosted by cost-cutting measures.

Sales--also released before--stood at EUR2.76 billion, nearly 13% lower on year due to lower selling prices.

Analysts had forecast quarterly Ebitda of EUR373 million and sales of EUR2.85 billion, according to consensus estimates provided by Vara Research.

Covestro confirmed its recently adjusted guidance for 2020, expecting Ebitda at around EUR1.2 billion, the higher end of its previous target of between EUR700 million and EUR1.2 billion.

The guidance is based on the assumption that economic activity will not be severely restricted by the coronavirus pandemic.

Write to Kim Richters at kim.richters@wsj.com

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