BASF Shares Slide After Sales, Earnings Miss
By Helena Smolak
BASF's shares slid after its second-quarter earnings and sales fell short of analyst expectations.
At 0815 GMT, shares traded 2.6% lower at EUR43.63, having fallen nearly as low as 4% earlier in the session, making it one of the worst performers in Germany's DAX index. The stock is down 10.5% year to date.
The German chemicals giant on Friday posted flat second-quarter earnings on a sales decline due to lower prices across all segments.
The company backed its full-year outlook and reiterated its focus on cost cutting.
However, two glufosinate production site closures in Germany could weigh on the third quarter by a low three-digit million amount, Chief Financial Officer Markus Kamieth said in a media call.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
July 26, 2024 04:43 ET (08:43 GMT)
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