"The pace of the global macroeconomic recovery has been slower than expected. We remain focused on working capital, reducing costs, and matching our operating rates to current demand," said Jim Fitterling, Chair and Chief Executive Officer.
“We saw a continuation of the dynamics of the first quarter, marked by positive volume momentum across most of our businesses. There was still pressure on prices,” said Dr. Markus Kamieth, Chairman of the Board of Executive Directors of BASF SE.
The results show revenue is up compared to Q2 last year, but on the half-year, revenue is flat, pushing the company towards the lower end of its year-end guidance.
Strong performance in the Paint Stores Group led the company's results, maintaining expectations, however the Consumer Brands Group continues to be impacted by lower DIY demand.
"As we execute on various enterprise growth initiatives and capitalize on our technical and service capabilities, we expect positive momentum in driving improved sales volumes will broaden within our business portfolio," said company Chairman and CEO, Tim Knavish.
Evonik delivered another strong quarter, exceeding analysts' expectations. Based on preliminary and unaudited figures, the company achieved an adjusted EBITDA of €578 million in the second quarter, 29% above the prior-year.
First quarter results reveal that consolidated and net sales are both down, attributed mostly to lower demand. In addition, the decorative business saw a revenue decline due to price cuts, according to the company.
While the company saw a decline in revenue over sales generated in the same quarter of the previous year, the gross profit margin of 15.3%, was similar to Q1/2023.
Although the company saw a decline in sales over the previous year, it maintains that this was mainly driven by considerably reduced prices as a result of lower raw materials and energy prices in almost all segments, as well as lower precious metal prices.
