German chemicals company BASF has warned it expects 2018 earnings to be down by between 15% and 20% on 2021 €7.6bn ($8.6bn). The company cited slowing sales of chemicals and low water levels on the Rhine, a key supply and shipments route, which led to a higher-than-expected €200m loss of earnings in Q4. It also blamed the US-China trade war's negative impact on the automotive industry, noting a particular decline in Chinese demand for its chemicals. CEO Martin Brudermuller aims to increase annual earnings by €2bn through cost-cutting and a 3% to 5% annual growth in EBITDA by last year's.
German chemicals company BASF has warned it expects 2018 earnings to be down by between 15% and 20% on last year's €7.6bn ($8.6bn). The company cited slowing sales of chemicals and low water levels on the Rhine, a key supply and shipments route, which led to a higher-than-expected €200m loss of earnings in Q4. It also blamed the US-China trade war's negative impact on the automotive industry, noting a particular decline in Chinese demand for its chemicals. CEO Martin Brudermuller aims to increase annual earnings by €2bn through cost-cutting and a 3% to 5% annual growth in EBITDA by 2021.