The most important things about Covestro and Daimler in advance:
- Covestro maintains reduced annual target
- Daimler with sustainable restructuring
The effects of the corona crisis hit numerous cyclical, i.e. economically sensitive, stocks such as Covestro. In the second quarter, operating profit collapsed by around 73 percent and sales lost around a third. The automotive sector in particular was under pressure. Plastic products, but also paints and adhesives suffered from lower demand from automobile manufacturers. The polycarbonate division, i.e. hard plastics, has recently also been in demand from the construction industry, which was able to partially compensate for the drop in demand from the automotive sector.
However, the overall slump in business could not be prevented and Covestro is therefore continuing its savings efforts. Instead of the planned 200 million euros, the restructuring program is expected to save a total of more than 300 million euros. In addition, another 100 million euros are to be saved this year alone. The company sees itself on course here and therefore confirms its previously reduced annual targets of EUR 0.7 to 1.2 billion in operating profit.
Daimler also has to make substantial savings and reported a loss and a significant drop in sales for the second quarter. In total there is a quarterly loss of around two billion euros, which is larger than in the same period last year. Sales also dropped significantly by almost 30 percent. Daimler boss Källenius therefore wants to intensify his savings measures and plans to raise the savings target of 1.4 billion euros. However, it did not become concrete at the current time.
To this end, the goals for the year as a whole have been formulated in a somewhat more specific way. The group wants to make progress in e-mobility and digitalization and is still targeting an operating profit for 2020 as a whole. In order to achieve this, plant closings are also being discussed. Factories in Brazil, Mexico, but also van production in Germany are under scrutiny. At the end of July, Källenius plans to present more detailed plans.
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