BASF To Further Cut Costs in Germany After 4Q Earnings Declined
February 24 2023 - 2:18AM
Dow Jones News
By Pierre Bertrand
BASF SE on Friday said that it is implementing further
cost-saving measures at its Ludwigshafen facility as the German
chemical company seeks to cut costs after a year which saw earnings
fall.
BASF said it was implementing structural measures at its
production site in Ludwigshafen designed to lower costs by more
than 200 million euros ($211.9 million) a year by the end of
2026.
That measure is in addition to a previously announced cost
saving program BASF is implementing to save EUR500 million annually
by the end of 2024, the company said.
BASF said it made a EUR4.88 billion net loss in the fourth
quarter of 2022, compared with EUR898 million in the last quarter
of 2021, on sales that declined 2.3% to EUR19.32 billion.
The company proposes a dividend EUR3.40 per share and separately
said that it has terminated its share buyback program ahead of
schedule.
BASF said that for 2023 it is expecting to make between EUR84
billion and EUR87 billion in sales and between EUR4.8 billion and
EUR5.4 billion in earnings before interest and taxes before special
items.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
February 24, 2023 02:03 ET (07:03 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
BASF (QX) (USOTC:BASFY)
Historical Stock Chart
From Oct 2024 to Nov 2024
BASF (QX) (USOTC:BASFY)
Historical Stock Chart
From Nov 2023 to Nov 2024
