BASF Profit Beats Estimates, Driven by Demand

Bloomberg reports, second-quarter profit for BASF SE beat analysts’ estimates on a recovery in demand and higher prices for products including plastics and catalysts. Net income rose to 1.18 billion euros compared with 343 million euros a year earlier, the Ludwigshafen, Germany-based company said in a statement today. The median estimate of 11 analysts in a Bloomberg survey was 1.07 billion euros. BASF said the strength of the rebound in demand helped it surpass expectations. The company reiterated a forecast that sales growth this year will outperform the wider chemical industry and that earnings will increase “considerably.”