Profits and Sales Tumble at Most Chemical Firms

摘要

Lower volumes took a toll on second-quarter earnings at basic and specialty chemical firms, but several say conditions have stabilized. Most firms also managed to eke out higher profits than analysts expected. Dow Chemical reported a net loss of $435 million, compared with net income of $776 million in the year-ago quarter, due to weak demand and charges related to restructuring and its purchase of Rohm & Haas (R&H). Eastman Chemical's earnings fell 43%, to $65 million, on sales down 32%, to $1.3 billion. Celanese's earnings fell 22%, to $104 million, on sales down 33%, to $1.24 billion. Celanese cites lower selling prices and volumes, partially offset by cost-reduction initiatives.