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BASF Q2 adjusted EPS falls short of estimates; sales rise on higher prices

German diversified chemicals company BASF SE's second-quarter adjusted earnings came in below expectations but sales revenue increased 3% year over year due to higher prices and volumes growth.

The company reported net income of €1.48 billion, or €1.61 per share, in the second quarter of 2018, down from €1.50 billion, or €1.63 per share, a year earlier.

Adjusted net income fell to €1.62 billion in the quarter from €1.64 billion in the year-ago quarter. Adjusted EPS decreased to €1.77 from €1.78 in the prior-year quarter and fell short of S&P Capital IQ's consensus normalized EPS estimate of €1.84.

Sales revenue increased 3% year over year to €16.78 billion from €16.26 billion due to higher prices in all segments and volumes growth in most of the segments.

Income from operations before special items increased by €105 million from the year-ago quarter to €2.36 billion largely due to a significant improvement in contribution from the oil and gas segment. EBITDA before special items increased in the agricultural solutions and performance products segments and declined in the chemicals and functional materials and solutions segments, the company said.

In the first half of 2018, net income totaled €3.16 billion, or €3.44 per share, down from €3.21 billion, or €3.49 per share, in the first half of 2017.

BASF expects sales and EBIT before special items to increase slightly in full year 2018, but EBIT after cost of capital is projected to decline significantly in the year.