covestro ag shares fell in tuesday trading after it issued a profit warning on the covid19 lockdown in shanghai higher energy and rawmaterial costs and lowerthanexpected global economic growth the german chemical company now expects 2022 earnings before interest taxes depreciation and amortization to be in the range of 20 billion to 25 billion euros 210 billion263 billion down from eur25 billioneur30 billion under previous guidance shares in frankfurt were down 73 to eur3838 at 0920 gmt the new expectations fall short of the previously provided forecast as well as current capitalmarket expectations covestro said covestro has a site in shanghai though the company has managed to maintain production by having staff work in a bubble chief financial officer thomas toepfer told dow jones newswires in an interview however logistics problems and supply issues have worsened so sales are expected to be down sharply in the second quarter he said mr toepfer also said he expected covestros energy bill to be between eur17 billion and eur20 billion higher than previous estimates of eur500 million to eur15 billion the guidance is more cautious than the overall messaging from covestros larger peer basf last week ubs analysts said in a research note that may be due to covestros outlook for polycarbonates and that it has more exposure to china the bank says covestro separately reported firstquarter profits with net income up to eur416 million from eur393 million in the same period last year on higher selling prices the results were above expectations of eur386 million according to anaylsts estimates provided by the company however the leverkusenbased company also said secondquarter ebitda would be eur430 million to eur530 million that compares with consensus of eur670 million stifel said while the new guidance includes both lockdowns in china and gdp growth assumptions it doesnt include additional risks including the russian naturalgas embargo or further pandemic lockdowns stifel added