BASF 3Q Net Profit Fell
24 Oktober 2019 - 7:59AM
Dow Jones News
By Kim Richters
Germany's BASF SE (BAS.XE) said Thursday that third-quarter net
profit and sales fell, particularly due to lower prices in its
materials and chemicals businesses.
The company said net profit fell to 911 million euros ($1.01
billion) from EUR1.2 billion a year earlier.
Sales fell 2% to EUR15.23 billion from EUR15.61 billion and
earnings before interest and taxes before special items dropped 24%
to EUR1.12 billion from EUR1.47 billion, the company said.
While BASF's net profit dropped more than 20%, the chemical
maker beat analysts expectations of EUR607 million, according to a
consensus forecast provided by the company.
Analysts had the chemical maker's sales at EUR15.17 billion and
EBIT before special items at EUR1.05 billion, according to the
consensus.
BASF backed its outlook for the year, which the company
previously cut, citing U.S.-China trade frictions and sluggish
demand in the auto market. It forecasts a slight decline in sales
and a drop of up to 30% in EBIT before special items.
The company is in the midst of an overhaul aimed at boosting
profitability, which includes reducing its workforce. As of the end
of September, around 1,800 positions had been reduced globally, it
said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
October 24, 2019 01:44 ET (05:44 GMT)
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