LUDWIGSHAFEN (dpa-AFX) - BASF SE (BFA.L, BASFY.PK) reported a 56% surge in the second-quarter sales, largely driven by higher prices and volumes in all segments.
Sales for the quarter grew by €7.1 billion to €19.8 billion from €12.7 billion generated in the prior year period.
EBIT increased to €2.32 billion from €59 million last year. EBIT, before special items, surged to €2.36 billion from €226 million reported in the same period of last year.
On a per share basis, earnings totaled €1.80 compared to a loss of €0.96 per share incurred a year ago.
Cash ?ows from operating activities amounted to €2.5 billion in the second quarter of 2021, €295 million above the prior-year quarter. The improvement was mainly attributable to the considerably higher net income of €1.7 billion. At €1.8 billion, free cash ?ow increased by €254 million compared with the second quarter of 2020.
Dr. Martin Brudermüller, Chairman of the Board of Executive Directors of BASF SE, said, 'Considerably higher earnings in our upstream businesses due to higher prices and volumes were the main driver for the strong increase in earnings overall... In our downstream segments, we also managed to increase volumes and prices based on strong demand.'
Looking ahead, the company currently expects fiscal 2021 sales growth to be in the range of €74 billion - €77 billion, compared to the previously communicated range of €68 billion - €71 billion. EBIT, before special items, is now expected to be between €7.0 billion and €7.5 billion, up from the prior guidance range of €5.0 billion - €5.8 billion.
Copyright RTT News/dpa-AFX