BASF: confirms gloomy outlook for 2019
(CercleFinance.com) - German chemical giant BASF said on Thursday that it still expects a slight decline in sales this year, confirming its previous guidance for 2019.
Regarding its income from operations (EBIT) before special items, BASF said it expects a "considerable decline" of up to 30%.
In the third quarter, the Ludwigshafen-based company saw its EBIT before special items fall by 24% to 1.1 billion euros.
Sales over the past quarter declined slightly (-2%) to 15.2 billion euros, a fall that was mainly due to lower prices.
In its statement, BASF said 2019 is a "transition year" to implement new corporate strategy, and simplify procedures and processes.
The shares were up 2% in Frankfurt this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Regarding its income from operations (EBIT) before special items, BASF said it expects a "considerable decline" of up to 30%.
In the third quarter, the Ludwigshafen-based company saw its EBIT before special items fall by 24% to 1.1 billion euros.
Sales over the past quarter declined slightly (-2%) to 15.2 billion euros, a fall that was mainly due to lower prices.
In its statement, BASF said 2019 is a "transition year" to implement new corporate strategy, and simplify procedures and processes.
The shares were up 2% in Frankfurt this morning.
Copyright (c) 2019 CercleFinance.com. All rights reserved.