Leverkusen, Germany — Materials manufacturer Covestro reported a core volume growth rise of 9% for polyurethanes in Q3 2016 compared to Q3 2015.
All product groups contributed to this increase, the company said, “particularly diphenylmethane diisocyanate (MDI).”
The company continues to expect a mid- to high-single-digit percentage increase in core volume growth, it said
Higher sales volumes and higher margins lifted adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) over 50% to EUR 263m.
Polyurethane sales during Q3 were reported as EUR 1.5bn, which the company said was 0.6% lower than during Q3 2015.
In polyurethanes, the core volume growth for the first nine months of the year was reported at 9.4%, according to the company.
Covestro ceo Patrick Thomas said: “We seamlessly continued the positive half year trend in the third quarter and profit from the strong demand for our products.
“Growth in EBITDA and Free Operating Cash Flow was particularly healthy and so we are again adjusting our forecast for full-year 2016 slightly upwards,” he added.