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. In an interview with Reuters, CEO Ulrich Spiesshofer said that he was "surprised" at how much revenue had been lost from the lower than anticipated sales, but added that "we are confident
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.