LUDWIGSHAFEN (dpa-AFX) - BASF (BASF SE), a German chemical company, said that it anticipates an EBIT of 2.0 billion euros for 2024, which falls short of the analyst consensus of 3.2 billion euros (Vara) and is also lower than the EBIT of 2.2 billion euros reported for 2023. This shortfall was primarily attributed to non-cash-effective impairments, notably on battery materials within the Surface Technologies segment, as well as restructuring costs across all segments.
BASF noted that it is progressing well with its announced restructuring measures, which constitute a significant part of the special items. Overall, special items in EBIT are expected to reach minus 1.9 billion euros for 2024.
The company said its annual net income is also affected by the charges. It did not provide a specific figure for the net income, but it said the analyst consensus of 2.2 billion euros will not be achieved.
The company projects sales for the full year 2024 to be 65.3 billion euros compared to 68.9 billion euros in 2023. This is in line with the figure estimated by analysts on average according to Vara. While volumes slightly increased, sales prices declined but showed a steady price recovery throughout 2024 compared with the respective quarter of the previous year. Currency effects negatively impacted the sales development.
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