FILE PHOTO: The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen, Germany, July 26, 2019. REUTERS/Wolfgang Rattay
(Reuters) - German chemicals maker Covestro forecast lower first-quarter and 2020 core profit on Wednesday after missing fourth-quarter revenue expectations, citing the impact of the coronavirus outbreak, increased competition and lower prices for its key products.
The former Bayer unit forecast earnings before interest, tax, depreciation and amortisation (EBITDA) between 1.0 billion euros (£830 million) and 1.5 billion euros in 2020, including 200 million euros to 280 million euros in the first quarter. It reported core profit of 442 million euros in the first quarter last year and 1.6 billion euros in 2019.
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