BASF Backs 2024 Guidance Despite Lower Sales
By Helena Smolak
BASF backed its 2024 outlook despite lower sales due to reduced prices given lower raw materials and energy prices across almost all segments.
The German chemicals giant said Thursday that it made first-quarter sales of 17.55 billion euros ($18.78 billion), down from EUR19.99 billion the previous year.
Earnings before interest, taxes, depreciation and amortization declined to EUR2.655 billion from EUR2.81 billion in the first quarter of 2023. Its Ebitda margin before special items, however, rose to 15.4% from 14.3% the year prior, BASF said. Net income was confirmed at EUR1.37 billion in the first quarter, down from EUR1.56 billion in the same prior-year period.
While the chemicals and materials segments saw declines in their earnings contribution, the agricultural-solutions business significantly increased earnings, the company said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
April 25, 2024 01:03 ET (05:03 GMT)
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