Chief Financial Officer Thomas Toepfer told Reuters the lockdown in Shanghai, which led the company to cut its full-year earnings outlook on Monday, would have bigger and longer effects on the group than originally thought. Toepfer said Covestro's energy costs could more than double this year to between 1.7 billion and 2.0 billion euros ($1.8-$2.1 billion), against its previous 1.5 billion euro estimate. The group's energy costs already increased by 67% in 2021.
Covestro AG / Key word(s): Change in ForecastCovestro AG: Reduced earnings outlook for 202202-May-2022 / 19:34 CET/CESTDisclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.Covestro reduces its forecast for EBITDA, free operating cash flow (FOCF), return on capital employed over weighted average cost of capital (ROCE over WACC) and greenho
Westlake, Covestro and Victrex have been highlighted in this Industry Outlook article.