(Reuters) - Shares in BASF fell 3% in early Frankfurt trading after the chemical company late on Friday reported write-downs and a drop in annual earnings below estimates. According to preliminary
BASF Shares Drop 3% Following Earnings Impairments and Write-Downs
(Reuters) - Shares in BASF fell 3% in early Frankfurt trading after the chemical company late on Friday reported write-downs and a drop in annual earnings below estimates.
According to preliminary figures, 2024 earnings before interest and taxes fell to 2 billion euros ($2.09 billion), missing Vara's analyst consensus of 3.2 billion euros, also falling below the 2023 figure.
Full-year operating profit was dragged lower by impairments at its battery materials business and by restructuring costs across divisions, the company said.
BASF is scheduled to report its full-year results on February 28.
Shares are among worst performers of the German blue-cap index in early Frankfurt trade.
($1 = 0.9561 euros)
(Reporting by Anastasiia Kozlova; Editing by Ludwig Burger)
