FRANKFURT, Germany (AP) -- Germany's BASF revised its growth outlook for chemicals Tuesday to 2.4 percent from 2.8 percent blaming the strong euro and rising oil costs.
The chemical company said at an analyst conference in London that it expects the cost of a barrel of oil to average $120 and the euro to buy $1.55 through the end of the year.
BASF said it expects to achieve an earnings before interest, taxes, depreciation and amortization margin of 18 percent for the next five years. The calculation -- a gauge of profitability -- is based on oil leveling out to $100 a barrel and an exchange rate of $1.40 to $1.50 to the euro.
Shares of BASF SE fell 1.1 percent to 41.80 euros ($65.63).
