BASF Swung to 2Q Profit; Confirms Sales, Outlook

   By Cecilia Butini 
 

BASF SE said Wednesday that it swung to profit for the second quarter and confirmed sales figures and a raised outlook it provided during preliminary results.

The German chemicals company posted net profit of 1.65 billion euros ($1.95 billion) for the second quarter, from a loss of EUR878 million in the same period a year earlier.

Earnings before interest, taxes, depreciation and amortization rose to EUR3.20 billion from EUR1.07 billion the previous year, BASF said.

It confirmed that earnings before interest and taxes before special items for the second quarter amounted to EUR2.36 billion as it had reported in preliminary results on July 9, which compares with EUR226 million in 2020. BASF also confirmed sales of EUR19.75 billion for the period, up from EUR12.68 billion the year before.

Sales growth was attributable to higher prices and volumes in all segments, the company confirmed.

BASF confirmed the raised 2021 outlook it gave on July 9, guiding for sales growth to between EUR74 billion and EUR77 billion, up from a previous forecast of between EUR68 billion and EUR71 billion.

It also confirmed that EBIT before special items is expected between EUR7 billion and EUR7.5 billion, rather than between EUR5 billion to EUR5.8 billion.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

July 28, 2021 01:48 ET (05:48 GMT)

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