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BASF: shares rise after preliminary results

( - BASF shares were up over 2% on Wednesday after the German chemicals giant posted preliminary results that beat expectations.

This morning BASF said that it expects fourth-quarter sales to reach about 15.9 billion euros, up 8% year-on-year and above the consensus.

The company said it expected earnings before interest and tax (EBIT) to jump to 932 million euros in the past quarter, from 579 million euros a year earlier, once again beating the consensus.

In its statement, BASF said operating business performed better than expected in the quarter, mainly driven by higher volumes and prices.

Its materials, chemicals and industrial solutions segments considerably exceeded the consensus, it said, while performance was "considerably below analyst consensus" in the agriculture segment, the group noted.

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