By Giulia Petroni

BASF SE on Wednesday raised its full-year sales and earnings guidance based on a positive performance in the first half and assuming there are no new lockdowns in China or gas production shutdowns in Europe.

The German chemicals company said it now expects sales to grow to between 86 billion and 89 billion euros ($87.4 billion-$90.5 billion), compared with previous expectations of EUR74 billion and EUR77 billion.

Earnings before interest and taxes before special items are seen at between EUR6.8 billion and EUR7.2 billion, from EUR6.6 billion and EUR7.2 billion previously.

"For the second half of the year, BASF anticipates a gradual cooling of economic development globally, but much more pronounced in Europe," the group said.

However, the company added that the war in Ukraine and its impact on energy and raw-materials prices may lead to additional headwinds, while further risks could arise from coronavirus-related restrictions.

BASF said it is responding to the economic slowdown with cost-reduction measures.

The company confirmed second-quarter preliminary figures.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 27, 2022 01:27 ET (05:27 GMT)

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