Abstract
First-quarter financial results from a few chemical companies indicate that chemical earnings may not be quite so bad as analysts earlier feared. They had based their earnings predictions on a slowing of the economy during the first three months of the year. But while earnings comparisons bear no resemblance to the heady days of economic expansion, they are not sinking to the degree expected. In fact, profitability at most companies remains high, when it is compared with historical levels. The emerging picture could be that chemical companies closely tied to large-volume commodities— especially plastics—had a tougher time in the first quarter than firms whose products are in the valueadded category. For instance, the worst results of any company reporting have been at B. F. Goodrich. Goodrich saw earnings from continuing operations sink 68% in the quarter from firstquarter 1989 to $16.2 million on a sales decline of 4% to $590 millionall out of its vinyl ...
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