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German firm BASF's sales at €68.9 bn in FY23

22 Jan '24

2 min read

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German company BASF Group's sales reached €68.9 billion in FY23, below estimates of €73-€76 billion and analyst expectations of €70.57 billion, a decrease from FY22's €87.32 billion.
The company's EBIT was €2.24 billion, below €3.69 billion consensus and FY22's €6.54 billion.
In FY23, net income improved to €225 million from a €627 million loss.

BASF Group, a leading Germany-based chemical company, has reported preliminary sales of €68.9 billion for fiscal 2023 (FY23), which is lower than the estimated range of €73 billion to €76 billion, as well as below the average analyst estimate of €70.57 billion. This marks a significant decrease from the €87.32 billion in sales reported in FY22.

The expected income from operations (EBIT) before special items for FY23 is €3.80 billion, falling short of BASF's own forecast range of €4 billion to €4.4 billion, and also below the average analyst estimate of €3.93 billion. This represents a decline from the €6.87 billion EBIT before special items recorded in FY22, the company said in a press release.

Despite these overall trends, BASF's industrial solutions, materials, and agricultural solutions segments slightly exceeded the average analyst estimates for EBIT before special items in FY23. However, the chemicals segment underperformed significantly, partly due to unplanned plant shutdowns, and did not meet the average analyst estimates.

BASF group's expected EBIT for FY23 is €2.24 billion, which is not only below the analyst consensus of €3.69 billion but also lower than the previous year's figure of €6.54 billion.

The company’s net income is expected to be €225 million in FY23, showing an improvement of €852 million compared to the prior year, which saw a net loss of €627 million.

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