By Joshua Stein 
 

BASF SE said Friday its net profit increased in the fourth quarter, and released its outlook for 2021.

The German chemical conglomerate posted a net profit of 1.06 billion euros ($1.29 billion), compared with a profit of EUR150 million a year earlier. The company confirmed preliminarily figures for sales, earnings before interest and taxes, and EBIT before special items.

BASF said it expects sales to grow to between EUR61 billion and EUR64 billion in 2021, compared with EUR59.15 billion for 2020.

BASF expects EBIT before special items of between EUR4.1 billion and EUR5.0 billion this year, compared with EUR3.56 billion in the prior year.

The company proposed a dividend of EUR3.30, equivalent to the previous year's.

The company confirmed its quarterly sales increased to EUR15.91 billion from EUR14.69 billion a year prior.

BASF's EBIT before special items came in at EUR1.11 billion in the quarter, as expected, up from EU842 million. The company said the increase was primarily due to significantly higher earnings in the materials, chemicals and industrial solutions segments.

Analysts had expected a quarterly net profit of EUR710 million, EBIT before special items of EUR1.03 billion and sales of EUR15.33 billion, according to a consensus provided by Vara Research.

 

Write to Joshua Stein at joshua.stein@wsj.com

 

(END) Dow Jones Newswires

February 26, 2021 02:34 ET (07:34 GMT)

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