LUDWIGSHAFEN (dpa-AFX) - German chemical company BASF Group (BFA.L, BASFY.PK) reported Thursday that its first-quarter net income surged 94 percent to 1.72 billion euros from last year's 885 million euros.
Earnings per share were 1.87 euros, up 93 percent from 0.97 euro a year ago. Adjusted earnings per share were 2 euros, compared to 1.26 euros a year ago.
Income from operations or EBIT grew 59 percent from last year to 2.31 billion euros, and adjusted EBIT grew 42% to 2.32 billion euros. This was primarily attributable to considerably higher earnings contributions from the Materials and Chemicals segments.
EBITDA rose 31 percent to 3.176 billion euros and adjusted EBITDA increased 23 percent to 3.181 billion euros.
All regions contributed to the considerable increase in earnings.
BASF increased sales by 16 percent to 19.4 billion euros from last year's 16.75 billion euros, mainly due to higher prices and volume growth.
Further, the Board of Executive Directors and the Supervisory Board propose to the Annual Shareholders' Meeting a dividend of 3.30 euros per share for the 2020 business year., same as last year.
Looking ahead, BASF raised its fiscal 2021 outlook, and now expects adjusted EBIT between 5.0 billion euros and 5.8 billion euros, compared to previous outlook between 4.1 billion euros and 5.0 billion euros.
Sales are now expected to be between 68 billion euros and 71 billion euros, up from previous view of between 61 billion euros and 64 billion euros.
Copyright RTT News/dpa-AFX
© 2021 AFX News
