LUDWIGSHAFEN (dpa-AFX) - German chemical company BASF (BFA.L) reported Thursday that its first-quarter net income dropped 12.4 percent to 1.37 billion euros from last year's 1.56 billion euros. Earnings per share were 1.53 euros, lower than 1.75 euros in the prior year.
EBITDA dropped 5.6 percent year-over-year to 2.66 billion euros, and EBITDA before special items amounted to 2.71 billion euros, down 5.3 percent from last year. The EBITDA margin before special items was 15.4 percent, up from 14.3 percent in the prior-year quarter.
Sales in the first quarter amounted to 17.55 billion euros, 12.2 percent lower than 19.99 billion euros in the prior-year quarter. The decline in sales was mainly driven by considerably reduced prices as a result of lower raw materials and energy prices in almost all segments as well as lower precious metal prices in the Surface Technologies segment.
As previously announced, the Board of Executive Directors and the Supervisory Board will propose to the Annual Shareholders' Meeting a dividend of 3.40 euros per share, matching the prior-year level.
Looking ahead for fiscal 2024, the company continues to expect EBITDA before special items of between 8.0 billion euros and 8.6 billion euros.
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