BASF Issues Profit Warning on Falling MDI and TDI Prices; Trimming FVE to EUR 74
Narrow-moat BASF reported third-quarter EBIT of EUR 1.5 billion, down 14% over 2017 and slightly below consensus and our expectations. Shares are trading down modestly, in line with the group. The isocyanates market is rebalancing slightly faster than we expected, leading to a 23% decline in EBIT over the prior-year period in the chemicals segment. We had assumed material declines would commence in the fourth quarter. In any case, we still see a sizeable EBIT decline in 2019 for the chemicals se...
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