By Kim Richters
Shares in BASF SE fell on Wednesday after the chemical conglomerate still wasn't able to provide results forecasts for the full year.
The German company said it couldn't provide an outlook on sales and earnings due to economic uncertainty and low visibility amid the coronavirus pandemic.
At 0930 GMT, shares in BASF traded 5.3% lower at EUR49.35.
As for the current third quarter, it said it didn't expect a significant improvement in its operating profit before special items compared with the second quarter, partly because demand was generally lower in August and as its agriculture business is seasonal.
BASF reported a 77% decline in operating profit before special items, namely earnings before interest, taxes and special items, to EUR226 million in the second quarter. It came in at EUR1.12 billion in the third quarter last year.
Analysts now expect downgrades to third-quarter and full-year consensus estimates. EBIT before special items this quarter was expected at EUR669 million, according to the consensus estimates provided by Vara Research.
"This increases the pressure on FY21E expectations as the exit-rate looks increasingly challenged and will likely weigh on sentiment for the shares," analysts at Citi said.
BASF confirmed previously released preliminary figures on Wednesday, including a net loss of EUR878 million for the second quarter.
Write to Kim Richters at firstname.lastname@example.org