BASF Backs 2023 View Despite Lower 1Q Sales, Margin
April 27 2023 - 2:03AM
Dow Jones News
By Cecilia Butini
BASF SE on Thursday backed its 2023 outlook despite lower sales
and earnings margin, and confirmed previously reported earnings
figures.
The German chemicals giant said it continues to expect sales of
between 84 billion euros ($92.75 billion) and EUR87 billion, and
earnings before interest, taxes and special items of between EUR4.8
billion and EUR5.4 billion. Return on capital employed continues to
be seen at between 7.2% and 8%, the company said.
BASF confirmed first-quarter sales of EUR19.99 billion, down
from EUR23.08 billion the previous year, as it had reported in
preliminary results.
Earnings before interest, taxes, depreciation and amortization
declined to EUR2.81 billion from EUR3.71 billion in the first
quarter of 2022, and so did Ebitda margin, which reached 14% from
16% the year prior, BASF said. Net income was confirmed at EUR1.56
billion in the first quarter, as per preliminary results.
While the chemicals and materials segments saw a decline in
their earnings contribution, the agricultural-solutions business
significantly increased earnings, the company said.
BASF proposed a dividend of EUR3.40 a share for 2022, expected
to be paid out on May 3, pending shareholders approval.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
April 27, 2023 01:48 ET (05:48 GMT)
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