Abstract
THE THIRD QUARTER is shaping up to be stellar for U.S. and European chemical companies. The industry’s sales and profit gains are building on similar improvements in the second quarter, creating confidence among company executives that the recession is in the rearview mirror. Quarterly sales were up by 10 to 20% year over year at most of the companies reporting so far, and earnings shot up significantly. Results from Air Products & Chemicals, Albemarle, Cabot, Celanese, Cytec Industries, Dow Chemical, W.R. Grace, Lubrizol, Nalco, PPG Industries, and Praxair were almost identical to those of this year’s second quarter, when the industry finally jumped out of the recessionary trough. At Dow, earnings of $705 million were almost double what they were in 2009’s third quarter, thanks to a recovery that started in Asia and is now reaching the economies of the West. In the second quarter of this year, the company racked up a similar ...
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