German plastics and chemicals company Covestro said adjusted core earnings gained 22 percent in the first quarter as cheaper raw materials outweighed a decline in prices of its transparent polycarbonate plastics and foam chemicals.

Earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, gained 22 percent to 508 million euros ($570.94 million), also bolstered by a 30 million euro insurance reimbursement.

That was above the 437 million euros expected on average in a Reuters poll of analysts.

It said it still predicted a 2016 sales volume increase of a medium single-digit percentage at its main products and that free operating cash flow would be unchanged but remain above the average for previous years. ($1 = 0.8898 euros) (Reporting by Ludwig Burger; Editing by Harro ten Wolde)

 

Source : reuters.com

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