UPDATE 1-BASF flags profit bounce on higher prices, economic rebound

* BASF now sees 2021 adj EBIT at 5.0-5.8 bln euros

* Q1 adj EBIT jumps 42%, beating consensus

* Shares up 1.6% in pre-market trade (Adds details prices, outlook)

FRANKFURT, April 29 (Reuters) - Germany’s BASF boosted its full-year profit outlook as the chemicals giant passed on higher raw material costs to its industrial customers and the global economy recovered quickly from the coronavirus pandemic.

Earnings before interest and tax (EBIT), adjusted for one-off items, would likely reach between 5 billion euros ($6.1 billion) and 5.8 billion euros, up from 3.6 billion last year, it said on Thursday.

BASF had previously forecast adjusted EBIT of 4.1-5.0 billion euros for 2021.

The world’s largest chemicals and plastics maker by sales cited a “stronger-than-expected recovery of the global economy and much higher raw materials prices than planned”.

Shares in BASF were 1.6% higher in pre-market trade at brokerage Lang & Schwarz.

First-quarter adjusted EBIT jumped 42% to 2.32 billion euros, exceeding analyst consensus for 2.25 billion according to estimates posted on the company’s website, as BASF marked up prices for products including insulation foams and basic petrochemicals. Volumes were also on the rise.

Management has grown more confident from last month when Chief Executive Martin Brudermueller told Reuters that BASF was benefiting as people under lockdown fix up their homes but that he was concerned that consumers would turn their spending to entertainment and services when the pandemic eases.

BASF had earlier cited concerns about virus mutations and the uncertain prospects of vaccination campaigns. ($1 = 0.8241 euros) (Reporting by Ludwig Burger, editing by Emma Thomasson and Maria Sheahan)