BASF ( OTCQX:BASFY ) reported Q2 preliminary adjusted EBIT of €2.34B , slightly below the €2.36B it earned in the year-earlier quarter but well above analyst consensus estimate of €1.96B, saying it passed on higher raw material costs and benefited from a strong dollar.
Q2 net profit jumped 26% to €2.09B from €1.65B a year ago, and Q2 revenues rose 16% Y/Y to €22.97B, helped by higher prices as volumes fell slightly compared with the prior-year period.
Analysts had expected BASF ( OTCQX:BASFY ) to post a net profit of €1.41B on sales of €21.34B.
BASF ( OTCQX:BASFY ) uses natural gas as a feedstock for its petrochemical manufacturing, and high prices will cut into its profits, Zoltan Ban notes in a bearish analysis published recently on Seeking Alpha .
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BASF sees Q2 adjusted EBIT easily beating estimates