BASF Profits Down As Expected in 1Q; Shares Fairly Valued
Narrow-moat BASF reported first-quarter EBIT of EUR 1.7 billion, down 24% over the year-ago period, which was broadly in line with expectations. Volumes were down 4% for the group given generally subdued market sentiment, which led to cautious ordering by customers, particularly in the automotive sector. Chemicals and materials led the charge downward because of the current current oversupplied markets in isocyanates and cracker products. 2019 guidance was maintained for a slight increase in EBI...
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