BASFY BASF SE (QX)

   By Nathan Allen 
 

BASF SE's (BAS.XE) first-quarter profit dropped as as global trade tensions and a slowdown in the auto industry continued to take their toll, the company said Friday.

The German chemical maker said net profit fell to 1.41 billion euros ($1.58 billion) from EUR1.68 billion a year earlier, but beat a consensus forecast of EUR1.27 billion.

However, sales ticked up to EUR16.18 billion from EUR15.70 billion, the company said.

BASF said margins on isocyanate production and from its its steam crackers, which produce basic petrochemical products such as ethylene and propylene, weakened from exceptionally high levels a year earlier.

The company had already warned that 2019 would be a transitional year as it rolls out a new divisional structure and integrates several agricultural businesses it bought from rival Bayer AG (BAYN.XE) last year.

Still, BASF stuck to its 2019 guidance for slight sales growth and slightly higher earnings before interest and taxes before special items, suggesting that it is more optimistic for the second half.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 03, 2019 01:33 ET (05:33 GMT)

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