February 20, 2018 / 6:40 AM / 7 months ago

Covestro Q1 earnings up on higher prices for foam chemicals

FRANKFURT, April 26 (Reuters) - Higher Prices for foam chemicals and transparent plastics helped Germany’s Covestro post a gain of more than a quarter in quarterly core earnings.

First quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped to 1.06 billion euros ($1.29 billion), it said on Thursday, above the 998 million euros expected on average in a Reuters poll of analysts.

Covestro, which was spun off from Bayer in 2015, reiterated that 2018 EBITDA would likely be around the previous year’s level, while the second-quarter number would be above year-earlier levels.

$1 = 0.8212 euros Reporting by Ludwig Burger Editing by Maria Sheahan

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