Plus   Neg

BASF Group Q3 Profit Declines, Sales Down 2%; Confirms 2019 Outlook

BASF Group (BFA.L,BASFY.PK) reported third-quarter net income of 911 million euros, compared to 1.2 billion euros, a year ago. Earnings per share was 1.00 euros compared to 1.31 euros prior-year. Income from operations (EBIT) before special items of 1.1 billion euros, down 24 percent from a year ago. The company said this was primarily due to significantly lower contributions from the Materials and Chemicals segments. Adjusted earnings per share was 0.86 euros, compared to 1.51 euros.

Third-quarter sales declined slightly year on year and amounted to 15.2 billion euros. The company said this was mainly attributable to lower prices in the Materials and Chemicals segments. Sales volumes was at the level of the prior-year quarter mainly due to higher volumes in the Agricultural Solutions and Surface Technologies segments.

Martin Brudermüller, Chairman of the Board of Executive Directors of BASF SE, said: "The trade conflict between the United States and China is weighing on our business. Moreover, there are uncertainties related to Brexit."

For fiscal 2019, BASF still expects a slight decline in sales. EBIT before special items is projected to decline up to 30 percent. Return on capital employed for the full year 2019 is expected to decline considerably compared with 2018.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020. Walmart announced its decision to raise wages for around 165,000 hourly associates across all its U.S. stores starting October, and introduce a team-based operating model in Supercenters. In a tweet, the retail giant said, "Today we're introducing new leadership roles and cross-training opportunities, giving our associates more ways to grow their careers."
Follow RTT