By Mauro Orru

 

Germany's BASF SE posted earnings ahead of analysts' expectations for the first quarter, according to preliminary figures, though sales came in below forecasts.

The German chemicals giant said Wednesday that earnings before interest, taxes and special items--a key measure of profitability--slipped 31.5% to 1.93 billion euros ($2.11 billion) in the first quarter, but still came above Vara Research's consensus of roughly EUR1.60 billion.

Reported earnings before interest and taxes slumped to EUR1.87 billion from EUR2.79 billion, though they still beat consensus of EUR1.53 billion. Reported net income climbed to EUR1.56 billion from EUR1.22 billion and exceeded consensus of EUR1.08 billion.

However, considerably lower volumes meant sales declined 13% to EUR19.99 billion, below consensus of EUR21.82 billion.

BASF will publish its first-quarter results April 27.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

April 12, 2023 11:01 ET (15:01 GMT)

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