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(Bloomberg) -- BASF
SE, the world’s biggest chemical maker, raised its profit goal for
2010 after recovering markets helped lift third-quarter profit beyond analysts’
estimates.
The German company sees a “good business development” in the fourth
quarter, with full-year earnings before interest, tax and special items
exceeding 8 billion euros ($11 billion), Ludwigshafen, Germany-based BASF said
in a statement today.
Revenue is expected to reach 63 billion euros. Analysts predicted 61.4
billion euros, according to a Bloomberg survey.
BASF is benefiting from higher prices and recovering demand for its basic
petrochemicals and plastics after a spate of shutdowns in the industry curbed
supplies. The company has spent more than 30 billion euros on acquisitions to
diversify its product offering and expand in faster-growing Asian markets.
Analysts predicted BASF would announce record earnings in 2010. The
company is scheduled to report detailed earnings on Oct. 28.
mrcplast.com
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