BASF reported a 12% decline in sales to EUR 17.6 billion for Q1 2024, primarily due to lower sales prices, although volumes saw a slight increase of 0.5%.
The company's EBITDA before special items was EUR 2.7 billion, slightly below the prior year but exceeding analyst expectations. Despite the sales dip, BASF maintained its 2024 outlook, expecting EBITDA between EUR 8.0 billion and EUR 8.6 billion.
The company is actively pursuing cost-saving measures, targeting EUR 700 million in annual savings by 2026, and plans to adjust its European production network. While some segments showed improved earnings due to cost reductions and higher volumes, others faced declines, particularly in emission catalysts and agricultural solutions.
The company's net income for the quarter was EUR 1.4 billion, with free cash flow at negative EUR 1.5 billion, typical for Q1 due to business seasonality.
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