By Joshua Kirby

BASF SE said Thursday that sales and earnings rose strongly in the first quarter, and raised its guidance for the full year as the global economy is expected to improve.

Sales at the German chemicals company rose 16% on the year to 19.4 billion euros ($23.52 billion), while earnings before interest and taxes and before special items rose 42% to EUR2.3 billion.

Analysts had expected sales of EUR17.21 billion and adjusted EBIT of EUR2.3 billion for the period, according to a FactSet-compiled consensus.

Based on the results and the expected recovery of the global economy, BASF moderately raised its forecasts for the full year set out in its 2020 report. The company now sees sales growing to between EUR68 billion and EUR71 billion, and EBIT before special items of between EUR5 billion and EUR5.8 billion.

BASF will propose a dividend of EUR3.30 a share for 2020, the same level as the previous year.

Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby

(END) Dow Jones Newswires

April 29, 2021 01:33 ET (05:33 GMT)

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