Ludwigshafen, Germany – BASF expects sales to be about EUR23bn and EBIT EUR2.8bn in the first quarter of 2022. Both numbers are 'considerably above' those posted in the same period last year, said the company.
The rise in sales was a result of higher prices and a slightly weaker dollar. 'All segments achieved earnings before interest and taxes and special items exceeded analyst estimates for in the first quarter,' the company added.
However, the company's gas business dragged the net income figure down. BASF's Wintershall gas business took an impairment charge of EUR.1.1bn on loans made to NordStream 2, a gas pipeline from Russia to Germany. According to Wintershall's annual report, BASF owns 67% of Wintershall, which in turn owns 15% of Nordstream.
