⁍ German chemicals maker Covestro reported a better-than-expected third-quarter profit.

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⁍ The company cited cost-cutting measures, improved volumes in Asia-Pacific and demand recovery after a coronavirus-induced slump.

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⁍ In the second quarter, the company had managed an unexpectedly swift rebound from a pandemic-related slowdown.

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– German chemicals maker Covestro posted a better-than-expected third-quarter profit today, Reuters reports. The company, which makes products used in the automotive and electronics industries, said its net income for the quarter ended Sept. 30 came in at $221 million, compared with analysts’ estimates of 112 million euros. The company’s free operating cash flow for the quarter also jumped by almost 50%, helped by increased inflows from operations and lower property, plant, and equipment expenditures, it said. The company confirmed the preliminary figure for third-quarter sales and earnings before interest, taxes, depreciation, and amortisation (as well as the guidance it had announced at the beginning of the month) as well as the guidance it had announced at the beginning of the month. Covestro, whose main customers include the automotive industry and electronics manufacturers, said its net income for the quarter ended Sept. 30 came in at 179 million euros ($211.56 million), compared with the 112 million euros expected on average by analysts in a company-provided poll. The company’s free operating cash flow for the quarter also jumped by almost 50%, helped by increased inflows from operations and lower property, plant, and equipment expenditures, it said. The company confirmed the preliminary figure for third-quarter sales and earnings before interest, taxes, depreciation, and amortisation adjustments as well as the guidance it had announced at the beginning of the month.