BASF: raises forecasts on strong demand

(CercleFinance.com) - On Wednesday BASF raised its FY 2021 forecasts, in light of sound performance in Q3 the continued strength of demand.


The German chemicals group now expects FY sales of 76 to 78 billion euros, with Ebit of 7.5 to 8 billion euros, excluding exceptional items.

The sector leader previously forecast sales of 74 to 77 billion euros, with operating profit of 7 to 7.5 billion euros.

In the three months to the end of September, operating profit, excluding exceptional items, came in at 1.9 billion euros, over triple the 600 million euros reported in the same period last year.

Revenues jumped by 42% to 19.7 billion euros, thanks to higher volumes (+6%), but above all to a spectacular increase in sales prices (+36%).

However, the group says that it has seen a slowdown in its growth due to the bottlenecks that are currently affecting many sectors in logistics and manufacturing.

Following these relatively cautious comments, the share price was down over 1% at lunchtime, underperforming the DAX index (-0.3%).


Copyright (c) 2021 CercleFinance.com. All rights reserved.