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BASF: mixed preliminary results for 2024

(CercleFinance.com) - BASF released mixed preliminary annual results on Friday evening, showing a positive surprise in terms of FCF, but some bad news regarding provisions.
(NB: cp -0.4%; DAX -1.3%).

The German chemical giant said it was expecting operating profit before non-recurring items (Ebitda) of E7.9bn for the year.

While this performance is in line with the market consensus of E7.9bn, it is slightly below the company's latest forecast of E8bn.

However, at E700m, FCF far exceeds analysts' estimates of E400m, as well as the group's published forecasts of between E100m and E600m.

In fact, the main disappointment came from Ebit (gross operating profit), expected at E2bn in 2024, well below the consensus of E3.2bn, due to the inclusion of a charge related to battery materials in the Surface Technologies division and the recognition of restructuring costs in all its businesses.

BASF expects sales of E65.3bn in 2024, down from E68.9bn in 2023 but in line with the consensus.

The group points out that the growth in sales volumes was more than offset by lower prices, even though these tended to strengthen over the course of the year.


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