Make earnings with no risk
Automated AI-driven system makes the trades, you earn the money
Join now

BASF Misses Sales and Earnings Targets in 2023


BASF, the German chemicals giant, reported that its sales and earnings for 2023 fell short of both the company’s guidance and consensus expectations. The decrease was primarily due to write-downs and sales of lower-margin products.

Preliminary Figures

According to preliminary figures, BASF expects to incur a hit of €1.1 billion ($1.20 billion), mainly related to noncash write-downs in its surface technologies, agricultural, and materials segments.

Sales for the year totaled €68.90 billion, a decrease from €87.33 billion in 2022. This fell below the company’s guidance range of €73 billion to €76 billion, as well as analysts’ forecast of €70.58 billion.

Earnings Decline

BASF reported that earnings before interest and taxes before special items dropped to €3.81 billion from €6.88 billion. This was below the company’s estimated range of €4.0 billion to €4.4 billion and analysts’ consensus estimate of €3.93 billion.

On a positive note, BASF reversed its net loss from the previous year, reporting a net profit of €225 million, compared to a loss of €627 million in 2022. However, this still fell short of analysts’ expectations of €2.25 billion.

Full Report Coming Soon

BASF is set to publish its full report for 2023 on February 23.

Atlanta Federal Reserve President Expects Rate Cuts in Q3 2024

Previous article

Travelers Insurance Reports Strong Fourth-Quarter Results

Next article

You may also like


Leave a reply

Your email address will not be published.

More in News