BASF Shares Drop After Earnings Miss
Frankfurt, Germany - Shares of BASF SE (BASFY) fell 3% in early trading on the Frankfurt Stock Exchange after the chemical giant reported disappointing financial results.
According to preliminary figures, BASF's earnings before interest and taxes (EBIT) for 2024 declined to €2 billion ($2.09 billion), well below analysts' consensus estimate of €3.2 billion. The figure also fell short of the €4.3 billion EBIT recorded in 2023.
The company attributed the decline in earnings to impairments in its battery materials business and restructuring costs across various divisions. BASF is scheduled to release its full-year financial results on February 28th.
The news sent BASF shares among the worst performers on the DAX 30 index in early Frankfurt trading. At the time of writing, the stock is down approximately 3.3%.
($1 = €0.9561)