C&EN: 2nd quarter results are good news
The second quarter was an enormous one for chemical producers, with the companies C&EN tracks posting double-digit gains in sales and in many cases triple-digit jumps in earnings versus a year earlier.Of course, the second quarter of 2020 was the period most impacted by the COVID-19 pandemic. Governments in Asia, Europe, and the Americas instituted lockdowns in February and March last year to stem the spread of the virus. Stores closed, construction was halted, and automobile plants idled—all depressing demand for chemical products. For chemical companies, it was the worst quarter in decades.The industry appears to be putting those days behind it. For instance, sales doubled and profits rose eightfold in the second quarter at petrochemical maker LyondellBasell.The world’s largest chemical maker, BASF, saw its results rebound. “We achieved volumes growth and price increases across all regions and all segments compared with the second quarter of 2020,” Martin Brudermüller, BASF’s executive chairman, said in a presentation. “In some businesses, we were able to restore and, in some cases, increase our margins with price increases. In others, there is still some way to go.”
Good news, here's hope it continues.