Oct. 28, 2020, 2:41 a.m. EDT

BASF confirms results, backs targets

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By Kim Richters

BASF SE on Wednesday confirmed preliminary third-quarter results and backed its recently issued targets for the full year.

The German chemical conglomerate said it swung to a net loss of 2.12 billion euros ($2.50 billion) for the period compared with a profit of EUR911 million a year earlier.

Its quarterly loss before interest and taxes was EUR2.64 billion, compared with EBIT of EUR1.34 billion the year prior.

Earnings in the three months were hit by EUR2.8 billion in impairments related to the coronavirus pandemic and by restructuring costs, BASF said.

EBIT before special items fell 45% to EUR581 million, while sales declined 5% to EUR13.81 billion.

Analysts expected net profit of EUR30 million, EBIT before special items of EUR396 million and sales of EUR13.21 billion, according to a consensus provided by Vara Research.

BASF confirmed the 2020 view issued earlier in October, expecting sales between EUR57 billion and EUR58 billion and EBIT before special items between EUR3.0 billion and EUR3.3 billion.

Write to Kim Richters at kim.richters@wsj.com

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