MOSCOW (MRC) -- BASF’s Q1 2023 earnings are expected to fall by almost 32% year on year, beating analysts’ consensus forecasts, while net income for the period is expected to be firmer as a result of impairments on oil and gas joint venture Wintershall Dea in early 2022, said the company.
Q1 sales are expected to have dropped substantially below analysts’ forecasts as a result of “considerably” lower volumes, the Germany-headquartered chemicals major said in a preliminary results statement.
Q1 earnings before interest and taxes (EBIT) and special items is also expected to surpass analysts’ projections despite the year-on-year fall, with the company’s agricultural solutions and chemicals, materials and surface technologies divisions both performing more strongly than expected.
BASF’s industrial solutions and nutrition and care segments are both expected to undershoot market expectations, the company added.
The company booked a EUR1.1bn charge on its majority stake in Wintershall during the first three months of 2022 in the wake of the onset of Russia’s invasion of Ukraine and the German government’s move to freeze approvals for the Nord Stream 2 pipeline.
BASF will release its finalised Q1 results on 27 April.
We remind, BASF announced that it has received the International Sustainability and Carbon Certification (ISCC) PLUS for certain grades of plastic additives produced at its manufacturing sites in Kaisten, Switzerland and McIntosh, Alabama, United States.