US chem shares fall again amid tough earnings season

Author: Al Greenwood

2020/05/01

HOUSTON (ICIS)--US-listed shares of chemical companies fell on Friday with the general market as the latest earnings illustrate the magnitude of the slowdown caused by the coronavirus.

The following shows the performance of the major indices.

1-May Change %
Dow Jones Industrial Average 23,723.69 -622.03 -2.55
S&P 500 2,830.71 -81.72 -2.81
Dow Jones US Chemicals Index 519.18 -16.11 -3.01
S&P 500 Chemicals Industry Index 524.26 -15.14 -2.81

The following shows the US-listed shares followed by ICIS.

$ Current

Price

$ Change % Change
AdvanSix 12.27 0.09 0.74
Axalta Coating Systems 18.87 -0.87 -4.41
Braskem 7.77 -0.08 -1.02
Celanese 79.31 -3.76 -4.53
Dow 33.93 -2.76 -7.52
DuPont 45.07 -1.95 -4.15
Eastman 60.02 -0.49 -0.81
HB Fuller 35.57 -1.22 -3.32
Huntsman 16.00 -0.81 -4.82
Ingevity 47.88 -4.04 -7.78
Kraton 13.90 -1.71 -10.95
Kronos Worldwide 9.21 -0.28 -2.95
LyondellBasell 55.16 -2.79 -4.81
Methanex 15.38 -0.50 -3.15
NewMarket 410.52 -0.92 -0.22
Olin 12.25 -1.10 -8.24
PolyOne 22.26 -1.03 -4.42
PPG 88.00 -2.83 -3.12
RPM International 64.08 -2.33 -3.51
Sherwin-Williams 526.44 -9.93 -1.85
Stepan 93.67 -1.73 -1.81
Chemours 10.93 -0.80 -6.82
Trinseo 18.88 -1.57 -7.68
Tronox 6.46 -0.36 -5.28
Univar 13.46 -1.06 -7.30
Venator Materials 1.22 -0.05 -3.94
Westlake Chemical 40.38 -3.07 -7.07

Several chemical producers reported first-quarter earnings that declined year on year.

Refiner Phillips 66 reported a Q1 net loss. The company's chemical earnings from its Chevron Phillips Chemical joint venture rose, however.

ExxonMobil’s first-quarter chemicals earnings slumped year on year as the company swung to a group net loss.

AdvanSix’s first-quarter sales and profit fell, primarily due to unfavourable pricing.

AdvanSix makes nylon, and it was the only US-listed company followed by ICIS whose stock rose on Friday.

LyondellBasell reported a fall of 82% in first-quarter net income.

Huntsman reported a decline in adjusted earnings before interest, tax, depreciation and amorisation (EBITDA). Net income rose because of divestments.

Eastman’s first-quarter earnings rose because costs fell faster than sales.

For the US economy as a whole, manufacturing activity contracted for the second consecutive month in April, and at a faster rate than March, the Institute of Supply Management (ISM) said.

In Europe, shares fell amid gloomy first-quarter earnings results.

Additional reporting by Stefan Baumgarten, Tom Brown, Jonathan Lopez and Juhi Varma

Visit the ICIS coronavirus topic page for analysis of the impact on chemical markets and links to latest news.

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