BASF Sets Ambitious Guidance For 2012, Eyes Emerging Markets
24 Février 2012 - 7:56AM
Dow Jones News
BASF SE (BAS.XE), the world's largest chemicals company by
sales, Friday said it expects to exceed its record 2011 sales and
adjusted earnings before interest and taxes in 2012 once the global
economy picks up speed over the course of the year, and it's eyeing
emerging markets for growth due to uncertainties in Europe and the
U.S from the sovereign debt crises.
"In the first half of 2012, we will likely not achieve the high
levels of the first two quarters of the previous year. For the
second half, we expect to surpass the levels of the same period of
the previous year," said Kurt Bock, BASF's chief executive, in a
statement.
Net profit in the fourth quarter increased slightly on the year
to EUR1.13 billion from EUR1.1 billion, exceeding the EUR834
million a Dow Jones Newswires poll of 13 analysts expected.
BASF's sales in the final three months of 2011 rose to EUR18.07
billion from EUR16.4 billion, far ahead of the EUR17.01 billion
analysts had expected.
BASF proposed a dividend of EUR2.50 a share for 2011, up from
EUR2.20 in 2010 and above the EUR2.36 dividend the polled analysts
expected on average.
The company's closely-watched adjusted earnings before interest
and taxes fell on the year to EUR1.51 billion from EUR1.77 billion
in the fourth quarter, falling short of the EU1.53 billion analysts
predicted. The company attributed the drop to the slowing of the
economy over the course of 2011.
Over the past 12 months, BASF shares have gained around 9% in
value, outperforming the European Chemicals stock index, which has
gained about 4.4%.
- By Harriet Torry, Dow Jones Newswires: +49 69 29725 511:
harriet.torry@dowjones.com