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German chemicals giant BASF posts surprise Q3 results
By Hendrik L Clarke for CEOWORLD Magazine Updated:October 14, 2009
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German chemicals giant BASF (OTC:BASFY) (BIT:BASF) today announced first figures for the third quarter of 2009. Sales were EUR12.8 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 EUR1.25 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 (ETR:BAS) said growth was coming from Asia, especially China, as well as South America, adding: “Overall, markets have stabilised at a low level. The recovery is slow and remains fragile”.
Its third-quarter earnings before interest and taxes (EBIT) excluding one-off items rose 9.5 percent from the second quarter to 1.25 billion euros ($1.86 billion), to be down 20 percent year-on-year.
Analysts had forecast EBIT before special items of 1.04 billion euros, a 9 percent decline from the second quarter, According to Thomson Reuters I/B/E/S. An analyst survey on BASF’s website showed an average forecast of 914 million euros.
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. Restructuring measures and efficiency programs are showing effect thanks to the excellent performance of the BASF team worldwide. 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. The recovery is slow and remains fragile.
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