BASF Lowers 2023 Guidance After Plummeting Earnings, Falling Sales
July 12 2023 - 12:57PM
Dow Jones News
By David Sachs
BASF said Wednesday that it has downgraded its 2023 outlook
after preliminary second-quarter earnings plummeted and revenues
fell significantly due to lower prices and sales volumes.
The German chemical giant said second-quarter earnings before
interest and taxes was 1.01 billion euros ($1.11 billion) before
special items, a 57% drop from last year's second quarter. Sales
fell to EUR17.3 billion, down 25% from a year ago.
"This was mainly driven by considerably lower prices and
volumes; negative currency effects also contributed to the sales
decline," BASF said.
BASF's EBIT finished the quarter at EUR974 million compared with
EUR2.35 billion a year ago. Net income reached EUR499 million, down
from EUR2.09 billion a year ago.
The company lowered its 2023 sales guidance to between EUR73
billion and EUR76 billion from EUR84 billion to EUR87 billion. EBIT
before special items is now expected to finish the year between
EUR4.4 billion and EUR 4.8 billion, down from the original target
range of EUR4.8 billion to EUR5.4 billion.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
July 12, 2023 12:42 ET (16:42 GMT)
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