LUDWIGSHAFEN (dpa-AFX) - German chemicals giant BASF SE (BFA.L, BASFY.PK)reported a decline in preliminary third quarter of 2016 Income from operations before special items and sales mainly due to divestiture of the natural gas trading activities on September 30, 2015. It confirmed its outlook for the full year 2016.
Earnings in the Performance Products, Functional Materials & Solutions and Agricultural Solutions segments were considerably higher than in the prior year quarter. Preliminary third-quarter earnings of BASF Group and all segments are higher than average analysts' estimates, the company said.
Income from operations (EBIT) before special items in the third quarter of 2016 was 1.5 billion euros, compared to 1.6 billion euros last year. EBIT was 1.5 billion euros, down from 1.9 billion euros in the prior year.
Sales declined to 14.0 billion euros from 17.4 billion euros in the previous year.
BASF confirmed its outlook for the full year 2016: Sales will decline considerably due to the divestiture of the gas trading business; the company continues to expect EBIT before special items to be slightly below the level of 2015. For sales, 'considerable' represents a change of 6% and higher; for earnings, 'slight' means a change of up to 10%.
BASF said it will give a comprehensive overview of the third quarter 2016 including the complete earnings figures in its fall telephone conference on Thursday, October 27, 2016.
Copyright RTT News/dpa-AFX