Covestro Optimistic Despite Challenging 2019 Second Quarter
While Covestro’s core volumes rose by 1.1%, group sales fell 16.9% to €3.2 billion (approximately $3.6 billion) in the 2019 second quarter due to lower selling prices.
Covestro recently announced its financial results for the second quarter of 2019. Reportedly as expected, ongoing intense competitive pressure and uncertainties in major sales markets persisted into the second quarter. While core volumes rose by 1.1%, group sales fell 16.9% to €3.2 billion (approximately $3.6 billion) due to lower selling prices.
“The economic situation is still challenging, since global economic and political uncertainties remain,” said Markus Steilemann, Ph.D., CEO. “Nonetheless, we reached our earnings targets and were able to increase our core volumes again in the second quarter. This underscores the trend towards more sustainable solutions, which we offer to many industries.”