February 20, 2018 / 6:04 AM / 2 years ago

Covestro says raking in cash at faster rate than expected

FRANKFURT, Feb 20 (Reuters) - Germany’s Covestro, a maker of materials for insulation foams and transparent plastics, said it would generate cash at a faster rate than previously thought, helped by demand from undersupplied global materials markets.

Covestro, which was spun off from Bayer, said it would reach its target for cumulative operating cash flow after investments of 5 billion euros ($6.19 billion) within just three years instead of the previously targeted five years.

Quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA) more than doubled to 879 million euros, above the 840 million euros expected on average in a Reuters poll of analysts. ($1 = 0.8076 euros) (Reporting by Ludwig Burger; Editing by Christoph Steitz)

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