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BASF raises full-year earnings forecast

October 20/2010

(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.


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BASF raises full-year earnings forecast

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