BASFY BASF SE (QX)

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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