BASF's Earnings Slump Continues -- Earnings Review
2019年10月24日 - 11:47PM
Dow Jones News
By Kim Richters
Chemical company BASF SE (BAS.XE) reported results for its third
quarter today. Here's what you need to know:
SALES: Revenue for the quarter fell 2% to EUR15.23 billion from
EUR15.61 billion. BASF beat an analyst consensus forecast provided
by the company of EUR15.17 billion.
NET PROFIT: Net profit fell to EUR911 million from EUR1.2
billion for the same year-earlier period. The consensus forecast
stood at EUR607 million.
EBIT BEFORE SPECIAL ITEMS: EBIT before special items fell 24% to
EUR1.12 billion from EUR1.47 billion. Here, BASF beat consensus
figures by 6%, which was partly thanks to a one-off gain from a
land sale in Switzerland, Baader Helvea says.
WHAT WE WATCHED:
-GUIDANCE: BASF backed its 2019 outlook, which it downgraded
earlier this year. It forecasted a slight decline in sales and a
drop of up to 30% in EBIT before special items.
DZ Bank expects a revenue decline of 2% and a drop in EBIT
before special items of 29% for the year. "The global economy
remains weak, especially in Europe and the automotive sector," the
bank says.
-MARGIN RECOVERY: BASF's Materials and Chemicals divisions
performed weakly, with sales falling 13% and 22% respectively
compared with the year-earlier period. Its Agriculture Solutions
and Surface Technologies businesses performed significantly
stronger than expected, Baader Helvea says.
BASF's first two quarters already saw earnings slump, NordLB
says, adding that this continued in the third quarter as well.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
October 24, 2019 10:32 ET (14:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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