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Covestro Q2 profit climbs 94.4% YOY

Covestro AG said its second-quarter normalized net income was €1.89 per share, compared with the S&P Capital IQ consensus estimate of €1.98 per share.

EPS increased 94.4% year over year from 97 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €381.8 million, an increase of 94.4% from €196.4 million in the year-earlier period.

The normalized profit margin climbed to 10.9% from 6.6% in the year-earlier period.

Total revenue grew 17.0% on an annual basis to €3.50 billion from €2.99 billion, and total operating expenses rose 8.5% on an annual basis to €2.85 billion from €2.63 billion.

Reported net income increased 111.5% on an annual basis to €484.0 million, or €2.39 per share, from €228.8 million, or €1.13 per share.