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

Half Year 2024 Covestro AG Earnings Call Transcript

Jul 30, 2024 / 02:00PM GMT

Release Date Price: MXN756.54

Transcript

Operator

Welcome to the Covestro earnings call on the second quarter 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 IR 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 - Chairman of the Management Board, Chief Executive Officer

Thank you, Ronald, and hello and a warm welcome to our second quarter call. The highlight of the second quarter were the continued strong volume increase of 9.3% year on year. With this, we are fully on track to our target of a high single-digit percentage volume increase in the full year 2024.

However, lower prices are still affecting sales, which came in at EUR3.7 billion. We achieved an EBITDA of EUR320 million landing on midpoint of our guidance range. Free operating cash flow was minus EUR147 million, in line with our expectations. And we are narrowing our EBITDA guidance to

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