Covestro AG (MEX:1COV)

MXN 756.54 0 (0%) Market Cap: 234.15 Bil Enterprise Value: 293.16 Bil PE Ratio: 0 PB Ratio: 1.63 GF Score: 70/100

Q1 2024 Covestro AG Earnings Call Transcript

Apr 30, 2024 / 02:00PM GMT

Release Date Price: MXN756.54

Transcript

Operator

Welcome to the Covestro Earnings Call on the Q1 Results. The company is represented by Markus Steilemann, CEO; and Christian Baier, CFO, (Operator Instructions) You will find the quarterly statement and earnings call presentation on our Investor Relations website. I assume you have read the safe harbor statement.

With that, I would now like to turn the conference over to Markus.

Markus Steilemann

Covestro AG - CEO & Chairman of Management Board

Thank you very much, Ronald, and hello, and a warm welcome also from my side to our first quarter call. The highlights of the first quarter were a volume increase of 11% year-on-year. This represents the second quarter in a row with a positive volume growth.

However, lower prices burden sales, which came in at EUR 3.5 billion. We achieved an EBITDA of EUR 273 million, approaching the upper end of our quarterly guidance range. The free operating cash flow shows the usual seasonal pattern with minus EUR 129 million. Overall, we are fully on track to achieve our full year 2024 guidance.

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