BASF 2Q Earnings, Sees Tentative Recovery in 2nd Half
July 28 2023 - 1:36AM
Dow Jones News
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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