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Covestro profit beats consensus by 29.3% in Q3

Covestro AG said its third-quarter normalized net income amounted to €1.10 per share, compared with the S&P Capital IQ consensus estimate of 85 cents per share.

EPS climbed 75.1% year over year from 63 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €154.6 million, a gain of 76.2% from €87.8 million in the prior-year period.

The normalized profit margin increased to 5.1% from 2.9% in the year-earlier period.

Total revenue fell year over year to €3.02 billion from €3.06 billion, and total operating expenses declined 5.9% on an annual basis to €2.71 billion from €2.88 billion.

Reported net income grew 61.6% year over year to €160.0 million, or €1.14 per share, from €99.0 million, or 71 cents per share.