(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.