German chemical giant BASF SE (BASFY.PK,BFA.L) posted lower first-quarter net income of 1.45 billion euros, or 1.57 euros per share, compared with 1.70 billion euros, or 1.85 euros per share, a year before. Excluding certain items, adjusted earnings per share totaled 1.67 euros for the recent period.
Income from operations or EBIT dropped 16.5% year-over-year to 2.17 billion euros, from 2.6 billion euros, while EBIT before special items advanced 10.1% to 2.21 billion euros, from 2.01 billion euros last year.
The firm clocked sales 19.74 billion euros for the first quarter of 2013, up 4.8% from the prior year's 18.84 billion euros.
For 2013, BASF still targets to exceed the 2012 levels in sales and EBIT before special items. The company said its expectations for the global economic environment in 2013 remain unchanged.
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