for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Markets News

EXCLUSIVE-Plastics maker Covestro's profit bolstered by electronics, furniture

(Repeats with no changes to text)

FRANKFURT, Aug 17 (Reuters) - Covestro is on track for better-than-expected earnings in the third quarter as stay-at-home workers’ appetite to upgrade their mobile devices and furniture is driving demand for the company’s materials.

The German maker of chemicals that go into casings of electronic devices and upholstery foams, said earnings before interest, taxes, depreciation and amortisation (EBITDA) would likely be about 350 million euros ($415 million) for the July-to-September period, up from 125 million in the second quarter.

That surpasses average analyst expectations of 268 million euros for third-quarter EBITDA, according to an Aug. 14 poll posted on the group’s website.

The companies’ shares were up 0.7% at 1051 GMT.

$1 = 0.8440 euros Reporting by Patricia Weiss and Ludwig Burger; editing by Thomas Seythal

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up