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Earnings

BASF confirms 2020 earnings outlook barring further lockdowns

FILE PHOTO: A general view of the German chemical company, BASF Schwarzheide GmbH in Schwarzheide, Germany, December 10, 2019. REUTERS/Annegret Hilse

FRANKFURT (Reuters) - BASF on Wednesday reaffirmed its full-year earnings guidance issued earlier this month even though a surge in coronavirus infections is stoking fears of a renewed downturn.

The German chemicals group said it still expects 2020 adjusted operating profit to fall to between 3 billion and 3.3 billion euros ($3.5-$3.9 billion), down from 4.5 billion euros last year.

“BASF’s forecast assumes that severe restrictions on economic activity to contain the coronavirus pandemic, such as lockdowns, are not reintroduced,” it said.

Reporting by Ludwig Burger and Patricia Weiss; editing by Thomas Seythal

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