BASF, Europe's largest chemicals company, experienced a significant decline in earnings last year, with a 45% drop in operating earnings due to surging energy expenses and slowing demand. This downturn was more severe than both market and company expectations. The slump in earnings was attributed to surging energy expenses which offset the effects of cost-cutting measures and impacted production. The disappointing financial results come as BASF faces a leadership transition, with a new CEO set to take over in April. In response to the challenging economic environment, BASF had already escalated cost-cutting efforts in Europe and reduced investments and earnings projections in October, citing an 'extremely uncertain' global economic outlook.
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