BASF's earnings were solid

BASF announced its results for the third quarter of 2022 on October 26
.
BASF Group sales in the third quarter were €21.
9 billion, up 12 percent
year-on-year.
This growth was mainly due to significant price increases and positive currency factors
in almost all business areas.

Sales growth
was significantly curbed by volumes in all segments except the Agricultural Solutions segment.
EBIT before special items amounted to €1.
3 billion in the third quarter, down €517 million
compared to the third quarter of 2021.
EBITDA before special items amounted to €2.
3 billion, a decrease of €446 million
compared to the third quarter of 2021.
Free cash flow in the third quarter was €1.
3 billion, up €218 million
year-on-year.

For the full-year outlook, BASF said that in the third quarter of 2022, global economic activity showed much weaker than expected, but the BASF Group maintained its previous forecast
for 2022 in its first half report for 2022.

BASF announced a cost-saving program
at the same time as the preliminary data for the third quarter.
The plan will implement a number of cost-reduction measures by the end of 2024 and is expected to save €500 million
per year when the overall plan is completed.
In this regard, Dr.
Brudermüller, Chairman of the Board of Executive Directors of BASF SE, sees the program as a response to
deteriorating earnings progress and challenging regulatory framework conditions in Europe and Germany.
In the first nine months of 2022, natural gas costs at BASF's European sites increased by an additional €2.
2 billion
compared to the same period in 2021.