Abstract
In the second quarter, strong and broad-based demand, driven in large part by consumer spending, buoyed sales at global chemical firms. For most of last year, results were just OK. In contrast, several chemical executives have raised their 2018 full-year forecasts. While they pursue growth, companies also continue cutting costs, a holdover from the Great Recession and the long recovery. Among them, DowDuPont reported it has reached $900 million in postmerger cost savings and raised its savings target again, to $1.4 billion. That type of spending discipline helped DowDuPont and others beat analyst expectations for quarterly earnings. In a conference call with analysts, DowDuPont CEO Edward Breen pointed to double-digit growth in sales, volumes, and operating earnings compared with last year’s second quarter. “We are delivering growth in each division due to a combination of strong global demand and innovation,” he said. That included a jump in sales of seeds
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