BASF expects record year in 2010
Third-quarter results significantly above previous year:
* Sales 15.8 billion, EBIT before special items 2.2 billion, EBIT 2.15 billion
Expectations for full year 2010:
* Sales approximately 63 billion and EBIT before special items more than 8 billion
* Stable business development in coming months
* Uncertainties in general economic development due to winding down of national stimulus programs, high levels of national debt in many countries, volatile raw material and foreign exchange markets and increasing trade barriers
Ludwigshafen , Germany BASF today announced first figures for the third quarter of 2010 and raised its outlook for the full year. Compared with the same quarter of the previous year, third-quarter sales increased 23% to 15.8 billion, EBIT before special items rose 77% to 2.2 billion and EBIT increased 122% to 2.15 billion. The figures are at the same high level of the second quarter of 2010.
Sales in the first nine months of 2010 rose 27% to 47.5 billion, EBIT before special item increased 89% to 6.4 billion and EBIT by 127% to 6.1 billion.
For the fourth quarter, the company expects the good business development to continue and has raised its outlook for the current year. For 2010, BASF expects sales of around 63 billion and EBIT before special items of over 8 billion. This exceeds the peak levels of the years 2007 and 2008.
BASF will publish its third-quarter report on October 28, 2010.
Dr. Jόrgen Hambrecht, Chairman of the Board of Executive Directors of BASF SE said, The record figures reflect the dynamics in our businesses, our improved portfolio and operational excellence, which have been able to show their full impact in the current favorable economic environment. This is the result of our efforts over the past years to implement our strategy for profitable growth. Our strength is also reflected in the very high level of our nine-month operating cash flow of 5.3 billion.
In spite of the current good results, Hambrecht sees a number of uncertainties in the long-term economic outlook. He said, The positive economic development of the past months will not necessarily continue at the same pace in 2011. Risks also remain which could jeopardize a sustainable recovery. The high debt level of many countries threatens the stability of the financial and banking systems. The necessary reduction in government spending and the winding down of national stimulus programs could dampen overall demand. Risks are also associated with volatile raw material and foreign currency markets, overcapacities, growing geopolitical tensions and protectionism through new trade barriers.
BASF is the worlds leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals as well as oil and gas. As a reliable partner BASF creates chemistry to help its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF posted sales of more than 50 billion in 2009 and had approximately 105,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.
This release contains forward-looking statements based on current experience, estimates and projections of BASF management and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance or achievements of BASF to be materially different from those that may be expressed or implied by such statements. BASF does not assume any obligation to update the forward-looking statements contained in this release.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.