Covestro confirms 2019 outlook despite cooling economy

(Reuters) – German chemicals maker Covestro AG <1COV.DE> confirmed its full-year core profit outlook on Wednesday, saying it met its second-quarter targets despite challenging global economic conditions, competitive pressures and weakness in the automotive industry.

The company’s second-quarter earnings before interest, tax, depreciation and amortization (EBITDA) fell 53% to 459 million euros (411 million pounds), but were slightly above the 443 million euros expected on average by analysts in a company-provided consensus.

Covestro has enjoyed rapid earnings growth in recent years following supply shortages of chemicals used in foams…
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