BASF Lowers Profit, Sales Target for 2015 on Lower Oil PriceAndrew Noël
BASF SE, the world’s largest chemical maker, cut its targets for sales and profit this year after a slump in oil prices.
Earnings before interest, taxes and one-time items are no longer expected to meet the level reported in 2014, with a slight decrease predicted, the Ludwigshafen, Germany-based company said in a statement on Tuesday. BASF also abandoned a target for slight sales growth, predicting a small decline instead.
Ebit before one-time items was 1.6 billion euros ($1.8 billion). Analysts in a Bloomberg survey predicted 1.65 billion euros, on average.