BASF, Europe's biggest chemicals company, reported a 45% drop in operating earnings for 2023, missing both market and company forecasts. The decline was attributed to surging energy expenses, lower margins, and slowing demand. The company's net income was 225 million euros on sales of 68.9 billion euros, both falling short of analyst expectations. The new CEO, set to take the reins in April, faces significant challenges amidst an 'extremely uncertain' global economic outlook.
WATCH: German chemicals giant BASF's operating earnings dropped 45% in 2023. The company's net income was 225 million euros on sales of 68.9 billion euros, both also missing analyst expectations https://t.co/3OwaUfu7BK https://t.co/CoUejTtd3E
German chemicals giant BASF's operating earnings dropped 45% in 2023. The company's net income was 225 million euros on sales of 68.9 billion euros, both also missing analyst expectations https://t.co/sUkoW2mxg8 https://t.co/h1Zr4EmpFp
WATCH: Ahead of CEO changeover, BASF earnings dropped faster than expected. In October, BASF ramped up cost cuts in Europe and scaled back investments as well as earnings projections, citing an 'extremely uncertain' global economic outlook https://t.co/3OwaUfu7BK https://t.co/XiYyNtMwVO
Ahead of CEO changeover, BASF earnings dropped faster than expected. In October, BASF ramped up cost cuts in Europe and scaled back investments as well as earnings projections, citing an 'extremely uncertain' global economic outlook https://t.co/sUkoW2lZqA https://t.co/Pvr457JKTf
WATCH: BASF posted a 45% drop in operating earnings for last year — the number was worse than both the market and the company predicted https://t.co/3OwaUfu7BK https://t.co/8NfqiUxwUO
BASF posted a 45% drop in operating earnings for last year — the number was worse than both the market and the company predicted https://t.co/sUkoW2mxg8 https://t.co/8ONtNb7gjj
WATCH: German chemicals giant BASF posted a 45% drop in 2023 operating earnings, worse than both the market and company anticipated, adding to the challenges the new CEO will face when he takes the reins in April https://t.co/3OwaUftzMc https://t.co/tFmN0LlYBe
German chemicals giant BASF posted a 45% drop in 2023 operating earnings, worse than both the market and company anticipated, adding to the challenges the new CEO will face when he takes the reins in April https://t.co/sUkoW2lZqA https://t.co/nvk7sLgy1q
BASF earnings fall on higher costs and slowing demand https://t.co/PJFznOiKvL
BASF’s earnings slumped last year after surging energy expenses offset cost cuts and weighed on production at Europe’s biggest chemicals company. https://t.co/6dlfTg1zNU
BASF earnings drop 45% - but the economy is doing just great isn’t it? Time to start loading on cyclicals and base products (start buying them when PE rises from low to high). https://t.co/3BFtnL5T5o
BASF Earnings Crater as Higher Energy Costs Drag Down Output https://t.co/lhsvHomPS0
BASF posts forecast-missing results for 2023 https://t.co/On2h0QVLdj https://t.co/sbbN3KM9r8
BASF says 2023 sales, earnings miss forecasts on lower margins, write-downs https://t.co/Ovu6RFcESm