BASF: Sales and Earnings Better than Expected
The BASF team worldwide has performed extremely well.” Impulses for growth are coming from Asia, especially China, as well as from parts of South America. Overall, markets have stabilized at a low level.
14 Oct 2009 --- BASF announced first figures for the third quarter of 2009. Sales were €12.8 billion and thus 19% less than in the same period of 2008 and 2.4% more than in the second quarter of 2009. The preliminary figure for third-quarter income from operations (EBIT) before special items was €1.25 billion, 20% less than in the same period of 2008 and 9.5% more than in the second quarter of 2009. These figures exceed the consensus analysts’ estimates available to BASF. Furthermore, the integration of the former Ciba activities is proceeding faster than expected and higher special charges will therefore be included in the third quarter.
BASF will present its full third-quarter results including all earning figures at its Fall Conference Call on October 29, 2009.
The earnings improvement in the third quarter reflects BASF’s operational strength. Dr. Jürgen Hambrecht, Chairman of the Board of Executive Directors of BASF SE said: “We have the right strategy. We are seeing the effects of the extensive measures we implemented in good time to adjust capacity utilization rates and to reduce costs. The BASF team worldwide has performed extremely well.” Impulses for growth are coming from Asia, especially China, as well as from parts of South America. Overall, markets have stabilized at a low level.
Economic developments in the coming months remain difficult to predict. “Although the mood is slightly brighter and we are climbing out of the trough, the recovery remains slow and fragile,” said Hambrecht.
