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Covestro Q3 profit climbs 84.3% YOY

Covestro AG said its normalized net income for the third quarter came to €2.06 per share, compared with the S&P Capital IQ consensus estimate of €2.06 per share.

EPS climbed 84.3% year over year from €1.12.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €416.8 million, a gain of 84.3% from €226.1 million in the prior-year period.

The normalized profit margin rose to 11.8% from 7.5% in the year-earlier period.

Total revenue rose 16.9% year over year to €3.53 billion from €3.02 billion, and total operating expenses grew 8.1% from the prior-year period to €2.83 billion from €2.62 billion.

Reported net income increased 89.8% year over year to €492.1 million, or €2.42 per share, from €259.2 million, or €1.28 per share.