Covestro cuts earnings guidance on low Rhine water levels, intense competition

Covestro has cut its full-year earnings forecast, citing low water levels on the Rhine River in Germany, “stronger-than-expected competition” in the company’s markets, and increased costs. Covestro now expects 2018 EBITDA to be slightly below the €3.44 billion ($3.92 billion) achieved in 2017. The company had previously anticipated an increase in 2018 EBITDA. The low…