Public Storage Q3 Earnings Call Highlights
The German chemical company cited higher pricing and stronger regional demand after third-quarter sales topped expectations by nearly 5%, lifting guidance for a second time.
- On Wednesday, BASF raised its 2026 outlook for the second time this year after third-quarter core earnings beat market expectations, projecting adjusted core earnings between €7.4 billion and €7.8 billion .
- European chemical suppliers benefit from an Iran war-related demand boost as the closure of the Strait of Hormuz disrupts Middle East supply chains and drives up local demand despite surging energy costs.
- BASF's third-quarter core profit rose 15% to €1.6 billion while overall sales increased 14% to €16.4 billion. "The increase was mainly driven by considerably higher prices and slightly higher volumes ," the company said.
- Amid pressure from high energy prices and Asian competition, BASF is cutting thousands of jobs at its Ludwigshafen headquarters while exploring a multibillion-euro acquisition of German rival Evonik to lower feedstock costs.
- The agricultural business remains an outlier, recording a 20% sales slump compared to last year; BASF plans to list this unit on the Frankfurt stock exchange by mid-2027 to focus on core operations.
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Deutsche Bank also earned significantly more in the third quarter.
The German Basf raised the floor and ceiling of its goal of results for this year, after registering what classified as a solid performance in the most recent quarter. Exclusive material for subscribers. To have full access, access the link of the material and make your registration.
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