BASF announced that the Q2 figures will be below expectations and lowered FY guidance accordingly. A one-off will cushion the weak operating performance in Q2, but it will not be cash relevant. The development in Chemicals and Materials has worsened and is even far below our already cautious expectations. It remains unclear to us why this was not better managed by the company as consensus still sees EBIT before one-offs at €1,470m (new guidance: ~€1.0bn) in Q2.
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Nightmare on Carl-Bosch Street
BASF announced that the Q2 figures will be below expectations and lowered FY guidance accordingly. A one-off will cushion the weak operating performance in Q2, but it will not be cash relevant. The development in Chemicals and Materials has worsened and is even far below our already cautious expectations. It remains unclear to us why this was not better managed by the company as consensus still sees EBIT before one-offs at €1,470m (new guidance: ~€1.0bn) in Q2.