BASF expects revenues and earnings to rise this year as recent acquisitions help it cope with a slowing global economy and trade tensions, the German company said on Tuesday, sending its shares five percent higher.
Fourth-quarter operating profit plunged almost 60 percent to 630 million euros ($715 million) as the firm’s basic chemicals business was hit by a slump in prices for isocyanate - used in making polyurethane polymers and foams - and supply disruptions.
But that was still better than analysts’ expectations following a December profit warning and CEO Martin Brudermueller played down the risks for 2019.
“Talking to our customers, besides the automotive industry, the outlook is not really super pessimistic. It slows, yes, but it’s not falling off the cliff,” he told analysts.
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