2023-07-12 13:14:05 ET
BASF ( OTCQX:BASFY ) lowered its full-year earnings guidance Wednesday, after reporting preliminary Q2 earnings and revenues that fell significantly due to lower prices and sales volumes.
BASF ( OTCQX:BASFY ) said Q2 preliminary EBIT before special items fell 57% Y/Y to €1.01B (~$1.11B) before special items, a 57% drop from €2.34B in the same quarter last year, and sales fell 25% to €17.3B from €22.97B in the year-ago period.
The company said EBIT before special items was in line with €1.02B analyst consensus estimate, but sales were well below the €19.35B consensus.
BASF ( OTCQX:BASFY ) lowered guidance for FY 2023 EBIT before special items to €4.4B-€4.8B from its original target range of €4.8B-€5.4B, and slashed its outlook for full-year sales to €73B-€76B from €84B-€87B previously.
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BASF cuts full-year earnings, sales guidance after sharp Q2 declines