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Covestro profit misses consensus by 37.3% in Q4

Covestro AG said its fourth-quarter normalized net income amounted to 26 euro cents per share, compared with the S&P Capital IQ consensus estimate of 41 cents per share.

EPS increased 202.9% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €52.3 million, an increase of 207.4% from €17.0 million in the year-earlier period.

The normalized profit margin increased to 1.7% from 0.6% in the year-earlier period.

Total revenue grew 7.8% on an annual basis to €3.02 billion from €2.80 billion, and total operating expenses rose 6.0% year over year to €2.94 billion from €2.77 billion.

Reported net income came to €124.7 million, or 61 cents per share, compared with a loss of €84.0 million, or a loss of 42 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled €3.14 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of €3.70.

EPS rose from €3.05 in the prior year.

Normalized net income was €636.5 million, an increase from €473.5 million in the prior year.

Full-year total revenue fell year over year to €11.90 billion from €12.08 billion, and total operating expenses fell on an annual basis to €10.71 billion from €11.17 billion.

The company said reported net income increased 131.8% on an annual basis to €795.0 million, or €3.93 per share, in the full year, from €343.0 million, or €2.21 per share.