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BASF has released preliminary figures for the first quarter of 2023. Sales declined by 13.4% in Q1 2023 to €19,991M (Q1 2022: €23,083M). This was mainly driven by considerably lower volumes. Sales were considerably lower than average analyst estimates for the first quarter of 2023 (Vara: €21,819M).
EBIT before special items of BASF Group amounted to an expected €1,931M in Q1 of 2023, a decline of 31.5% compared with the prior-year quarter (Q1 2022: €2,818M) but considerably above the analyst consensus for the first quarter of 2023 (Vara: €1,599M). In particular, EBIT before special items in the Agricultural Solutions segment considerably exceeded average analyst estimates. Chemicals, Materials and Surface Technologies were also considerably above the respective average analyst estimates for EBIT before special items in the first quarter of 2023. In the Industrial Solutions and Nutrition & Care segments, EBIT before special items missed average analyst estimates slightly and considerably, respectively. In Other, EBIT before special items was weaker than expected by analysts on average.
The BASF Group’s EBIT amounted to an expected €1,867M in Q1 of 2023, considerably below the figure for the prior-year quarter (Q1 2022: €2,785M) but considerably above the analyst consensus (Vara: €1,533M).
Net income reached €1,562M, considerably above the figure in the prior-year quarter (Q1 2022: €1,221M) and considerably above average analyst estimates for the first quarter of 2023 (Vara: €1,081M). In the prior-year quarter, impairments on the participation in Wintershall Dea had burdened net income of BASF Group.
