Q3 2024 BASF SE Earnings Call Transcript
Key Points
- BASF SE (BASFY) reported a 5% increase in EBITDA before special items, reaching EUR1.6 billion, driven by higher volumes and margins in core businesses.
- The Chemicals segment saw strong volume growth and increased specific margins, particularly in the Petrochemicals division.
- The Materials segment benefited from higher volumes and significant margin increases, especially in the Monomers division.
- The Industrial Solutions segment achieved significant volume growth and improved margins, particularly in the fuel and lubricants, coatings, and semiconductor industries.
- The Agricultural Solutions segment achieved strong volume growth in fungicides, seeds, traits, and insecticides, despite challenges in specific margins.
- Currency headwinds, particularly from the Argentinian peso and Brazilian Real, dampened sales growth by 3%.
- The Surface Technologies segment experienced a decline in volumes and EBITDA due to lower volumes in the Catalysts division.
- Global automotive production declined by more than 5% in Q3, negatively impacting the Surface Technologies segment.
- The Agricultural Solutions segment faced considerably lower specific margins due to lower prices, especially in South America.
- Cash flows from operating activities decreased by EUR633 million to EUR2.1 billion, mainly due to lower cash inflows from changes in net working capital.
Good morning, everyone. Welcome to BASF's conference call on the third-quarter 2024 results. Today's presentation is being recorded. The presentation will be followed by a question-and-answer session. (Event Instructions)
Today's presentation contains forward-looking statements. These statements are based on current estimates and projections of the Board of Executive Directors and currently available information. Forward-looking statements are not guarantees of the future developments and results outlined therein. These are dependent on a number of factors.
They involve various risks and uncertainties, and they are based on assumptions that may not prove to be accurate. Such risk factors include those discussed in opportunities and risks of the BASF report 2023. BASF does not assume any obligation to update these forward-looking statements contained in this presentation above and beyond the legal requirements.
With me on the call today are CEO, Markus Kamieth; and CFO, Dirk Elvermann. Please be aware that
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