By Pierre Bertrand

BASF reported lower second-quarter earnings Friday, citing lower prices and demand, and said it sees a tentative recovery in the second half of the year.

The German chemical company confirmed preliminary figures it released earlier in the month, with a quarterly net profit of 499 million euros ($547.9 million), compared with EUR2.09 billion in the prior-year period, and confirmed sales of EUR17.3 billion, an on-year decline of 25%.

It also confirmed its pre-released second-quarter earnings before interest and taxes before special items of EUR1.01 billion.

BASF said it faced low quarterly demand from key customer industries, with the exception being the automotive sector.

It confirmed it guidance as outlined on July 12 and said it doesn't expect any further weakening of global demand in the second half of the year. BASF said it assumes a tentative recovery on global consumer goods demand growing slower than previously thought.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 28, 2023 01:21 ET (05:21 GMT)

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