BASF confirms 2020 earnings outlook barring further lockdowns

Credit: REUTERS/© Ina Fassbender / Reuters

BASF on Wednesday reaffirmed its full-year earnings guidance issued earlier this month even though a surge in coronavirus infections is stoking fears of a renewed downturn.

FRANKFURT, Oct 28 (Reuters) - BASF on Wednesday reaffirmed its full-year earnings guidance issued earlier this month even though a surge in coronavirus infections is stoking fears of a renewed downturn.

The German chemicals group said it still expects 2020 adjusted operating profit to fall to between 3 billion and 3.3 billion euros ($3.5-$3.9 billion), down from 4.5 billion euros last year.

"BASF's forecast assumes that severe restrictions on economic activity to contain the coronavirus pandemic, such as lockdowns, are not reintroduced," it said.

($1 = 0.8461 euros)

(Reporting by Ludwig Burger and Patricia Weiss; editing by Thomas Seythal)

((ludwig.burger@thomsonreuters.com; +49 30 220133634; Reuters Messaging: ludwig.burger.thomsonreuters.com@reuters.net))

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