BASF SE confirmed its outlook for 2019 amid challenging geopolitical conditions including U.S.-China trade friction. The company reported net income for the third quarter of €911 million, a decrease of 24.1% from €1.20 billion in the prior-year period.
EPS declined 23.7% year over year to €1.00, compared with the S&P Global Market Intelligence consensus estimate of 78 euro cents per share. Adjusted net income declined 42.7% year over year to €795.0 million, or 86 cents per share, from €1.39 billion, or €1.51 per share.
Sales revenue declined on an annual basis to €15.23 billion from €15.61 billion. EBIT before special items decreased 23.9% from the prior-year period to €1.12 billion from €1.47 billion.
The German chemical producer reiterated its full-year 2019 guidance of a slight decline in sales and a year-over-year decline in EBIT before special items of up to 30%. The company revised its sales and earnings projections in July citing considerably weaker-than-expected business development in the second quarter and a global slowdown in economic growth and industrial production.
"The trade conflict between the U.S. and China is weighing on our business," said Martin Brudermüller, chairman of BASF's executive board. "Moreover, there are uncertainties related to Brexit."