LEVERKHAUSEN, Germany—Covestro A.G. generated sales of $3.4 billion in the first quarter of 2021, up 19 percent on the same period last year.
EBITDA across the business rose 192.5 percent and reached $307 million in the first quarter of 2021.
"We started the new year with a strong first quarter," CFO Thomas Toepfer said. "Demand for our products remains high, and we have benefited from very good margins."
Toepfer
The company's polyurethanes business saw sales rise 30.7 percent between the first quarter of 2020 and the first quarter of 2021. They reached $2.1 billion in the first quarter of 2021. This compares with $1.6 billion in the equivalent period in 2020.
At the same time, EBITDA in the division rose by over 750 percent to $525 million in the first quarter of this year. In the first quarter of 2020, that figure was $60 million.
Polyurethanes sales volumes were up 2.5 percent because of stronger demand from the electrical, electronics and household appliance industries and automotive. Demand came from the APAC region. But the bad weather in the U.S. reduced product availability and limited potential growth, the company said.
Strong demand and lower selling and general administration costs fed through to EBITDA helped the numbers. But these changes were offset by unplanned production stoppages.
Volumes in the company's coatings, adhesives, specialties business grew by 7.1 percent and this helped sales revenue increase by 4.0 percent between the first quarter of 2020 and the first quarter 2021. They reached $720 million in the first quarter of 2021. This compares with $692 over the equivalent period last year.
Growth came because of a rebound in demand from customers in the APAC region, but raw material bottlenecks limited the opportunity for growth. European and Latin American sales volumes were down, but higher prices helped reduce the effect of that.
At the same time, EBITDA in the division fell 14.0 percent to $138 million in the first quarter of 2021. This compares with $157 million over the equivalent period in 2020.
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