By Mauro Orru

BASF SE said Friday that earnings and sales for the second quarter surged amid higher prices and volumes, according to preliminary figures, prompting the company to raise its targets for the year.

The German chemicals company said that earnings before interest and taxes for the quarter rose to 2.32 billion euros ($2.75 billion) from EUR59 million in the second quarter of 2020.

EBIT before special items for the period should amount to EUR2.36 billion compared with EUR226 million last year, it said.

Quarterly sales climbed to EUR19.75 billion from EUR12.68 billion.

BASF noted that average analyst estimates for second-quarter EBIT, EBIT before special items and sales are below its own preliminary figures.

At 1430 GMT, BASF shares traded 3.7% higher at EUR68.18.

BASF is raising its 2021 guidance, citing increased earnings expectations in the chemicals and materials segments as the main reason.

The group now expects 2021 sales between EUR74 billion and EUR77 billion instead of between EUR68 billion and EUR71 billion. EBIT before special items should come in between EUR7 billion and EUR7.5 billion, rather than between EUR5 billion to EUR5.8 billion.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 09, 2021 10:50 ET (14:50 GMT)

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