BASF’s acid stings complacent investors LiamWardProud
Shares in German chemicals company BASF were down 6% at 0722 GMT on July 9 after the company warned that its adjusted operating profit will drop 30 percent in 2019, blaming a global trade war.
The company said that “significantly weaker-than-expected industrial production” would hurt its sales and operating margins. Specifically, BASF cited a shrinking Chinese automotive market and weakness in the North American agricultural sector. It said sales in the second quarter were 15.2 billion euros, compared with a Refinitiv Smart Estimate of 15.7 billion euros, while EBIT of 1 billion euros excluding special items was lower than the 1.5 billion euros expected by analysts.
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