BASF Backs 2022 View on Weaker 3Q Earnings
26 Ottobre 2022 - 08:00AM
Dow Jones News
By Pierre Bertrand
BASF SE said Wednesday that it is sticking to its 2022 outlook
as it moves ahead with a cost-saving plan to counteract
significantly weaker earnings in Germany and the rest of
Europe.
The German chemical company continues to expect full-year sales
of between 86 billion euros and 89 billion euros ($85.72
billion-$88.71 billion), and earnings before interest and taxes
before special items between EUR6.8 billion and EUR7.2 billion.
BASF said earlier this month it was launching a cost-savings
program to be implemented through the end of 2024 that, when
completed, would result in annual savings of EUR500 million. The
program will focus particularly on its Ludwigshafen site, where
more than half of the cost reductions will be made.
Net income for the third quarter was EUR909 million, compared
with EUR1.25 billion for prior-year period, on revenue that
increased by 12% to EUR21.95 billion, BASF said, confirming
preliminary results released on Oct. 12.
As previously reported, third-quarter earnings were hit by a
EUR740 million impairment related to the partial writedown on its
stake in Nord Stream 1 gas pipeline operator, Wintershall Dea.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 26, 2022 01:45 ET (05:45 GMT)
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