KASSEL (dpa-AFX) - K+S Group (SDFG), a German chemical firm, on Tuesday reported a decline in earnings and revenue for the first-quarter, that particularly reflected a fall in sales at the Agriculture customer segment.
For the three-month period, the Kassel-headquartered company recorded a net income of 263.4 million euros or 1.38 euro per share, compared with 310.9 million euros or 1.62 euro per share reported for the same period of 2022.
Besides a drop in revenue, higher costs and valuation effects from mining provisions have also impacted earnings.
Pre-tax income was at 372.6 million euros as against last year's 441.1 million euros.
EBITDA was at 454 million euros, lesser than 524 million euros of previous year period.
Earnings after operating hedges moved down to 390.3 million euros from last year's 420.1 million euros.
The company generated revenue of 1.192 billion euros, compared with 1.212 billion euros a year ago.
In the Agriculture customer segment, revenues decreased moderately to 861 million euros, compared with 944 million euros of 2022. This was attributable to lower average prices and a slight decline in sales volumes.
Looking ahead, for full year 2023, considering a negative valuation effects from mining provisions in the mid double-digit million euro range and a decline in the Agriculture customer segment prices, the company has revised down its outlook.
For the 12-month period, K+S AG now projects EBITDA of 1.15 billion euros - 1.35 billion euros against previous guidance of 1.3 billion euros to 1.5 billion euros.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
