BASFY - BASF swings to Q2 profit as volumes prices increase across segments
Mark Renders/Getty Images News BASF ([[BASFY]] -0.8%) ticks lower after reporting better than expected Q2 earnings and confirming raised guidance it had provided during preliminary results. The company posted Q2 net profit of €1.65B ($1.95B) compared with a loss of €878M in the year-earlier quarter and above the €1.4B expected on average by analysts in a company-provided poll, while Q2 EBITDA tripled to €3.2B from €1.07B a year ago. BASF said it achieved volumes growth and price increases across all regions and all segments compared with Q2 2020. BASF also confirmed the raised 2021 outlook it gave on July 9, guiding for sales growth of €74B-€77B vs. a previous forecast of €68B-€71B, as well as EBIT before special items of €7B-€7.5B rather than €5B-€5.8B. Shares have dropped ~10% in recent weeks, which Barclays analysts say shows the market does not believe next year's forecasts are achievable. Earnings presentation slides
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BASF swings to Q2 profit as volumes, prices increase across segments