Lower Selling Prices Drive Covestro Sales Down 16% in 2019 First Quarter
Covestro reports that these results are in the expected range, and the company has confirmed the targets set for the year as a whole.
Covestro recently announced that higher competitive pressure influenced its first quarter 2019 results. Despite an overall solid demand, core volumes decreased slightly (down 1.8%), mainly due to lower volumes in the Polycarbonates segment. A marked drop in selling prices led to a reduction in group sales by 16% to €3.2 billion (approximately $3.6 billion). Covestro reports that these results are in the expected range, and the company has confirmed the targets set for the year as a whole.
“The first quarter was in line with our guidance and confirms our subdued expectations for the full year,” said Markus Steilemann, Ph.D., CEO. “It is therefore even more important to now set the right course for our future growth with investments and efforts to improve efficiency. After all, demand for our innovative and sustainable materials remains intact.”