BASF Swings to Net Loss After Sales Hurt by Lower Prices, Volumes
31 Octubre 2023 - 12:37AM
Noticias Dow Jones
By Pierre Bertrand
BASF swung to a third-quarter net loss after sales were hampered
by lower prices and volumes.
The German chemical company said Tuesday that it posted a 249
million euro net loss ($264.4 million) compared with EUR909 million
in profit in the prior year, on revenue that fell 28% to EUR15.73
billion.
The company's earnings before interest and taxes before special
items fell 57% to EUR575 million.
BASF said its earnings decline reflected the overall negative
earnings of Wintershall Dea, which reported a EUR535 million net
loss for the third quarter.
The DAX-listed company said it expects to achieve more than
EUR600 million in non-production cost savings by the end of next
year, rising to more than EUR700 million by the end of 2026.
The global chemical industry is expected to stabilize in the
fourth quarter, the company said. But it warned that the
macroeconomic outlook remains uncertain "in the current
interest-rate policy environment and in view of increasing
geopolitical risks. Rising raw-materials prices in particular could
weigh on demand and margins."
BASF backed its 2023 guidance.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 31, 2023 02:22 ET (06:22 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
BASF (TG:BAS)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
BASF (TG:BAS)
Gráfica de Acción Histórica
De May 2023 a May 2024