BASF warns of earnings decline, cuts jobs in battle against costs

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BASF said it would cut 2,600 jobs, halt share buybacks and hike investment to improve competitiveness as it warned of a further decline in earnings due to rising costs.

A general view of the BASF chemical industry company in Schwarzheide, Germany, November 1, 2022. REUTERS/Lisi Niesner/PoolShares sink more than 6%, worst performer on DAXLUDWIGSHAFEN, Germany, Feb 24 - BASF

said it would cut 2,600 jobs, halt share buybacks and hike investment to improve competitiveness as it warned of a further decline in earnings due to rising costs. The German chemicals giant said in a statement on Friday that adjusted 2023 earnings before interest and tax , would fall to between 4.8-5.4 billion euros from 6.9 billion euros in 2022, which was down 11.5% from 2021.

BASF, which in October laid out plans to cut annual non-production costs in Europe by 500 million euros, said on Friday this would lead to 2,600 job cuts, or about 2.3% of its global workforce, including about 1,800 job losses at its Ludwigshafen headquarters.A 3 billion euro share buyback programme will be stopped after 1.4 billion euros was spent, due to "profound changes in the global economy", it added.

 

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The railroad companies have been shirking their responsibility to maintain equipment and tracks for decades and pocketing all the money for safety. Now they’re saying rates will go up if we have to maintain our tracks and our equipment.

“adjusted 2023 earnings before interest and tax (EBIT), would fall to between 4.8-5.4 billion euros ($5.09-$5.69 billion) from 6.9 billion euros in 2022” oh no, the poor dears..

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