BASF Revenue Beats, AIG Tax Benefit Boosts Profit: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet Friday include BASF after the German chemical, plastics and oil company reported fourth-quarter sales that beat analysts' expectations and predicted record profit and sales to continue.
BASF reported fourth-quarter revenue that rose 10% to €18.07 billion ($24 billion) and announced a €2.50 dividend. The company said higher raw materials costs were in most part passed on to its clients through higher pricing.
BASF chief Kurt Bock predicted a moderate start to 2012 but forecast that the global economy will improve as the year goes on, aiding in the company's targets of increased sales and earnings. Research and development spending this year will be boosted to €1.7 billion.
American International Group(AIG) is trending Friday after reporting profit that rose 77% in the fourth quarter to $19.8 billion as the company booked a large tax benefit.