BASF 3rd Quarter Sales, Earnings Drop

BERLIN (AP) — Chemicals maker BASF SE said Wednesday that third quarter sales and earnings fell on the year but improved compared with the previous quarter, suggesting that demand is recovering gradually.

A preliminary earnings statement from the Ludwigshafen-based company said sales for the July-September quarter were euro12.8 billion ($18.95 billion) — down 19 percent from a year earlier but 2.4 percent higher than in the second quarter.

BASF did not provide net earnings figures. Its full third quarter report is due on Oct. 29.

It said third quarter earnings before interest and taxes, before special items, came in at euro1.25 billion. That figure was 20 percent lower than a year earlier, but 9.5 percent higher than in this year's second quarter.

"These figures exceed the consensus analysts' estimates available to BASF," the company said in a statement.

The report pushed BASF shares up 6.4 percent to euro40.25 in Frankfurt trading.

The company said its integration of Swiss specialty chemicals firm Ciba is moving ahead faster than expected, which will cause "higher special charges" in the third quarter.