UPDATE 2-Covestro says it's raking in cash faster than expected [Reuters]
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Source: Reuters
UPDATE 2-Covestro says it's raking in cash faster than expected | Reuters Reuters Staff 4 Min Read * Sees free cash flow target within three years, not five * Plans to increase spending on plants and gear * Q4 EBITDA doubles to 879 mln euros, above consensus * Will likely renew share buyback permit at 2019 AGM * 2018 EBITDA seen flat * Shares rise 2.7 pct to top of sector index (Adds shares, share buybacks, analyst quote, background on economy) FRANKFURT, Feb 20 (Reuters) - Germany’s Covestro, a maker of materials for insulation foams and transparent plastics, is generating cash faster than previously thought, helped by buoyant demand for materials that the chemicals industry is struggling to meet. Covestro, which was spun off from Bayer in 2015, said it would reach its target of 5 billion euros ($6.19 billion) for cumulative operating cash flow after deductions for investments in the three years through 2019 instead of five years, as previously targeted. That was even though it said,
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