Plus   Neg

BASF Q4 Adj. EBIT Up 23%; Accelerates Streamlining Of Organization

BASF Group (BFA.L,BASFY.PK) reported that its fourth-quarter EBIT before special items was 765 million euros, up 23 percent from fourth quarter of 2018. The increase was driven by significantly higher earnings in the Agricultural Solutions, Nutrition & Care, Industrial Solutions and Surface Technologies segments.

Sales for the fourth quarter of 2019 declined 2 percent year-over-year to 14.7 billion euros. Volumes and prices each decreased by 1 percent. The portfolio effects resulting from the transfer of the business with paper and water chemicals to Solenis amounted to minus 1 percent.

The company said it will propose to the Annual Shareholders' Meeting a dividend payment of 3.30 euros per share. It will represent an increase of 0.10 euros.

BASF said it also accelerated the streamlining of its organization. It had announced that 6,000 positions would be reduced worldwide by the end of 2021. But, this number should now be reached by the end of 2020. Last year, BASF already reduced 3,100 positions worldwide.

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