Covestro cuts forecast in light of coronavirus

摘要

Leverkusen, Germany-Covestro has cut volumes and earnings projections for 2020, and is increasing cost-saving measures in response to the coronavirus emergency. In a statement, the company said that core volumes are expected to shrink in 2020 compared with 2019. It said the first quarter volume was 4.1% smaller than the same period in 2019. EBITDA is likely to be between €700m and €1.2bn-down from the earlier guidance of €1bn to €1.5bn. The drop is because of lower volume sales.