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EQS-Ad-hoc: BASF SE / Key word(s): Change in Forecast BASF Group achieves Q2 2023 EBIT before special items in line with analyst consensus and adjusts outlook for 2023 Q2 2023:
Outlook 2023:
Ludwigshafen – July 12, 2023 – BASF has released preliminary figures for the second quarter of 2023. Sales declined by an expected 25% in the second quarter of 2023 to €17,305 million (Q2 2022: €22,974 million). This was mainly driven by considerably lower prices and volumes; negative currency effects also contributed to the sales decline. Sales were thus lower than average analyst estimates for the second quarter of 2023 (Vara: €19,355 million). EBIT before special items of BASF Group amounted to an expected €1,007 million, a decline of 57% compared with the strong prior-year quarter (Q2 2022: €2,339 million) but in line with analyst consensus for the second quarter of 2023 (Vara: €1,018 million). Compared with the prior-year quarter, the earnings contributions of the Chemicals and Materials segments were particularly weaker. BASF Group’s EBIT amounted to an expected €974 million in the second quarter of 2023, below the figure for the prior-year quarter (Q2 2022: €2,350 million) and almost at the level of analyst consensus (Vara: €1,003 million). Net income reached an expected €499 million, below the figure in the prior-year quarter (Q2 2022: €2,090 million) and below average analyst estimates for the second quarter of 2023 (Vara: €729 million).
Outlook for the full-year 2023 According to current estimates, global gross domestic product in the first half of 2023 grew stronger than previously expected (+2.4% instead of +1.6%). However, this development was solely driven by a global increase in the service sector. Growth in global industrial production, on the other hand, continued to slow. As a result, global chemical production declined perceptibly in the first half of 2023. For the second half of 2023, BASF does not expect any further weakening in demand at the global level, as inventories of chemical raw materials in customer industries have already been greatly reduced. However, BASF is assuming only a tentative recovery because global demand for consumer goods will be lower than previously assumed. With this, margins will also remain under pressure. Against this background BASF adjusts its assumptions regarding the global economic environment in 2023 as follows (previous assumptions from the BASF Report 2022 in parentheses; current assumptions rounded):
With this, BASF also expects a weaker sales and earnings development than previously forecast and adjusts its outlook for the full-year 2023. The company now anticipates sales of between €73 billion and €76 billion in 2023 (previous outlook 2023: €84 billion to €87 billion; analyst consensus 2023: €79,810 million; full year 2022: €87,327 million). EBIT before special items is now expected to reach between €4.0 billion and €4.4 billion in 2023 (previous outlook 2023: €4.8 billion to €5.4 billion; analyst consensus 2023: €4,883 million; full year 2022: €6,878 million).
Further information The overview of analyst estimates, which is compiled monthly by Vara Research on behalf of BASF, can be found at: www.basf.com/analysts-estimates. BASF will publish its Half-Year Financial Report 2023 on Friday, July 28, 2023, at 7:00 a.m. CEST and will comment on the figures in a conference call for journalists (from 8:00 a.m. CEST) and a conference call for analysts and investors (from 10:00 a.m. CEST).
Contact Jens Fey End of Inside Information
12-Jul-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | BASF SE |
| Carl-Bosch-Straße 38 | |
| 67056 Ludwigshafen | |
| Germany | |
| Phone: | +49 (0)621 60-0 |
| Fax: | +49 (0)621 60-4 25 25 |
| E-mail: | info.service@basf.com |
| Internet: | www.basf.com |
| ISIN: | DE000BASF111, DE000A0JRFB0, Börse Dublin, Frankfurter Wertpapierbörse, DE000A0JRFA2, Börse Dublin, Frankfurter Wertpapierbörse, DE000A0JQF26, Börse Dublin, Frankfurter Wertpapierbörse, DE000A0EUB86, Frankfurter Wertpapierbörse, DE0008846718, Frankfurter Wertpapierbörse, DE000A0XFK16, Börse Luxemburg, Frankfurter Wertpapierbörse, XS0420401779, Börse Luxemburg, XS0412154378, Börse Luxemburg, Frankfurter Börse, DE000A0T4DU7,Börse Luxemburg, Frankfurter Börse, CH0039943292, Swiss Exchange (SWX), CH0039943383, Swiss Exchange (SWX), DE000A0TKBM, Börse Luxemburg, Frankfurter Börse, XS0414672070, Börse Luxemburg, , |
| WKN: | BASF11, WKN A0JRFB, Börse Dublin, Frankfurter Wertpapierbörse, , WKN A0JRFA, Börse Dublin, Frankfurter Wertpapierbörse, , WKN A0JQF2, Börse Dublin, Frankfurter Wertpapierbörse, , WKN A0EUB8, Frankfurter Wertpapierbörse, , WKN 884671, Frankfurter Wertpapierbörse, , WKN A0XFK1, Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN A0XFHJ, Börse Luxemburg, , WKN A0T6EG, Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN A0T4DU, Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN 3994329, Swiss Exchange (SWX), , WKN 3994338, Swiss Exchange (SWX), , WKN A0TKBM, Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN A0T65R, Börse Luxemburg, |
| Indices: | DAX, EURO STOXX 50 |
| Listed: | Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange; London, SIX |
| EQS News ID: | 1678805 |
| End of Announcement | EQS News Service |
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1678805 12-Jul-2023 CET/CEST
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