BASF Retracts 2020 Earnings Estimate
BASF has retracted its earnings estimate for 2020 communicated at the end of February, citing a clouded outlook amid the coronavirus pandemic. “In any case, the Feb. 28 forecast will not be met,” it said.
BASF Retracts 2020 Earnings Estimate (c) BASF
As it is “currently impossible to reliably estimate both the length and the further spread of the coronavirus pandemic, as well as future measures to contain it,“ the German group, world’s largest chemical producer, said “concrete statements on the development of sales and earnings in 2020 cannot be made at present.”
The shareholders’ dividend for 2019 nevertheless will remain unchanged at €3.30 per share, provided the annual general meeting on Jun. 23 approves management’s proposals.
At its annual results press conference, BASF forecast a rise in sales to €60-63 billion in 2020, up from €59.3 billion in 2019, and EBIT before special items of €4.2-4.8 billion, in the range of the €4.5 billion posted in 2019.
