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Covestro Q1 profit climbs 144.4% YOY

Covestro AG said its first-quarter normalized net income amounted to €1.95 per share, compared with the S&P Capital IQ consensus estimate of €1.86 per share.

EPS rose 144.4% year over year from 80 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €395.3 million, a gain of 144.4% from €161.8 million in the prior-year period.

The normalized profit margin climbed to 11.0% from 5.6% in the year-earlier period.

Total revenue increased 24.7% year over year to €3.59 billion from €2.88 billion, and total operating expenses increased 14.3% year over year to €2.90 billion from €2.54 billion.

Reported net income rose 156.7% year over year to €467.8 million, or €2.31 per share, from €182.3 million, or 90 cents per share.