February 20, 2017 / 6:16 AM / 6 months ago

Covestro Q4 core profit gain beats market view on higher prices

FRANKFURT, Feb 20 (Reuters) - Covestro, the plastics maker that parent Bayer plans to divest, reported a higher-than-expected earnings increase for the fourth quarter, as it managed to raise prices and volumes.

The maker of foam chemicals and transparent plastics said quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, rose 52 percent to 390 million euros ($414 million), well above the 341 million euros expected on average in a Reuters poll of analysts.

The company said it was targeting a low-to-mid single-digit percentage increase in sales volumes of its main products for 2017.

$1 = 0.9424 euros Reporting by Ludwig Burger; Editing by Maria Sheahan

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