Covestro Sales Decline in 2019 Third Quarter Despite Volume Growth
Covestro’s Coatings, Adhesives, Specialties segment reported a drop in core volumes by 4% as a result of weaker demand for coating raw materials from all key industries.
In the third quarter of 2019, Covestro reports that it achieved core volume growth of 5.3% over the prior-year period in a continuing challenging economic environment. At the same time, group sales declined as expected by 14.6% to €3.2 billion (approximately $3.6 billion) due to continued lower selling prices. Growth was attributable mainly to the construction, furniture, electrical, and electronics industries.
“After generating solid volume growth in the second quarter, demand once again grew in the third quarter,” said Markus Steilemann, Ph.D., CEO. “The economic climate remains challenging, which we notice particularly in the automotive sector. However, our volume growth indicates that our business is well diversified across various industries.”