(RTTNews) - BASF Group (BFA.L, BASFY.PK) said its strong business development continued in the third quarter of 2021. The demand for the company's products remained solid over the summer months. Income from operations before special items increased significantly year-on-year mainly driven by the significantly higher EBIT before special items in the Chemicals segment. The company also recorded considerable sales growth of 42%. This was largely attributable to higher prices in all segments, especially in Chemicals, Surface Technologies and Materials. The sales growth was also due to a significant increase in volumes in almost all segments. Compared with a year ago, the company increased prices by 36 percent and volumes by 6 percent.
Based on sustained good business performance and anticipated continuation of solid demand, especially in the Chemicals and Materials segments, the company raised the forecast for the 2021 business year in accordance with market expectations.
Income from operations (EBIT) before special items was at 1.9 billion euros compared to 581 million euros, prior year. Earnings per share adjusted for special items and amortization of intangible assets was 1.56 euros compared to 0.60 euros.
Net income was 1.3 billion euros compared to a loss of 2.1 billion euros. Profit per share was 1.36 euros compared to a loss of 2.31 euros. Sales were 19.7 billion euros, compared to 13.8 billion euros, a year ago.
For 2021, the company now expects sales growth to between 76 billion euros and 78 billion euros, revised from prior guidance range of between 74 billion euros and 77 billion euros. EBIT before special items is anticipated between 7.5 billion euros and 8.0 billion euros, revised from prior outlook range of between 7.0 billion euros and 7.5 billion euros.
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