US chem shares fall again amid tough earnings season
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.
|Dow Jones Industrial Average||23,723.69||-622.03||-2.55|
|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.
|$ Change||% Change|
|Axalta Coating Systems||18.87||-0.87||-4.41|
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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