BASF Quarterly Results
* Q1 adjusted EBIT up 29 pct to 2.5 bln eur
* Eyes top end of full-year adjusted EBIT target range
* Farming pesticides, oil and gas divisions weaker than
FRANKFURT, April 27 (Reuters) – Germany’s BASF <BASFn.DE>,
the world’s largest chemicals group by sales, posted a
stronger-than-expected gain in quarterly operating profit on
strong demand for its basic petrochemicals such as precursor
materials for insulation foam.
BASF’s first-quarter earnings before interest and tax
(EBIT), adjusted for one-off items, rose 29 percent to 2.5
billion euros ($2.7 billion), above the 2.31 billion euros
expected on average by analysts polled by Reuters. [nL8N1G60NY]
“BASF has had a good start to the year 2017. The demand
trends we observed over the course of 2016 continued in the
first quarter of this year,” Chief Executive Kurt Bock said in a
statement on Thursday.
The company, whose products include catalytic converters for
engine exhausts, insulation foams, vitamins and plastics, said
it was still targeting a gain in adjusted EBIT of up to 10
percent in 2017 but was now eyeing the top end of the range.
The positive surprise at its basic chemicals division was
tempered by somewhat weaker than expected earnings at its
farming pesticides as well as oil and gas divisions.
(Reporting by Ludwig Burger; Editing by Georgina Prodhan)
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