ERROR 1
ERROR 1
ERROR 2
ERROR 2
ERROR 2
ERROR 2
ERROR 2
Password and Confirm password must match.
If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)
ERROR 2
ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.
The first preliminary results for the first quarter of 2023 are out from BASF and Covestro, and it appears that the year is off to a sluggish start for the European chemical industry. BASF’s sales are projected to decline by 13% for the quarter compared with the same period last year and to come in below analyst estimates. The world’s largest chemical maker blames “considerably lower volumes.” BASF’s earnings are expected to increase by 28%. But impairment charges for the firm’s Wintershall Dea affiliate, which had extensive operations in Russia, impacted BASF’s results a year ago. At another major German chemical maker, Covestro, first-quarter sales are projected to be down 20% year over year. The company also expects a small loss for the quarter. In its announcement, however, Covestro chief financial officer Thomas Toepfer says the results are “significantly better than expected at the beginning of the year.”
Join the conversation
Contact the reporter
Submit a Letter to the Editor for publication
Engage with us on Twitter