BASF reports Q1 sales decrease

BASF had a 13.4% decrease in sales for Q1 2023, from €23.1 billion in Q1 2022 to €20.0 billion.

According to the company, this was primarily the result of “lower volumes in almost all segments due to weaker demand”.

However, net income was €1.6 billion, €340 million higher than in the same period of the previous year.

“BASF started off 2023 better than analysts had expected – and in a stagnating and difficult economic environment,” said D. Martin Brudermüller, chairman.

The company forecasts sales of between €84 billion and €87 billion for 2023.