20 Giants! A Summary of Global Chemical Majors’ 2024 Financial Results!

On February 6, Honeywell announced its full-year 2024 financial results: total sales amounted to $38.5 billion, up 5% year-on-year, with organic sales growth of 3%. Operating income reached $7.441 billion, up 5% year-on-year; operating margin remained flat, while segment profit rose 1% and segment margin contracted by 90 basis points—driven by robust performance in Honeywell’s long-cycle industrial automation businesses outpacing the recovery in short-cycle segments. Additionally, Honeywell announced plans to spin off into three independent, publicly traded companies: Automation, Aerospace, and Advanced Materials. Chemours On February 18, Chemours Company released its fiscal 2024 results: net sales totaled $5.8 billion, down 5% year-on-year; net income stood at $86 million (compared to a $2.37 billion loss in the prior year); adjusted EBITDA was $786 million, down 22% year-on-year. Furthermore, the earnings report indicated that Chemours has initiated a strategic review of the asset footprint of its European Advanced Performance Materials (APM) business. LyondellBasell On January 31, LyondellBasell Industries reported its full-year 2024 results: net income amounted to $1.4 billion, down 35.6% year-on-year; EBITDA totaled $3.5 billion, down 23.4% year-on-year; EBITDA excluding identified items was $4.3 billion. The company attributed this primarily to adverse factors facing the petrochemical market globally throughout 2024—including weak global demand, rising raw material costs, and economic uncertainty. Broadly soft demand for durable goods pressured margins across its Olefins & Polyolefins and Intermediates & Derivatives segments. Meanwhile, declining global automobile production constrained margin recovery in its Advanced Polymer Solutions segment. For comparisons with the prior quarter (Q4 2023) and full-year 2023, please refer to the table below: ExxonMobil On January 31, ExxonMobil announced full-year 2024 earnings of $33.7 billion, down 6.5% from $36.0 billion in 2023; operating cash flow was $55.0 billion, and free cash flow reached $34.4 billion. In Q4 2024 alone, earnings were $7.6 billion, down 11.6% sequentially; operating cash flow was $12.2 billion, and free cash flow was $8.0 billion. Eastman Chemical On January 30, Eastman Chemical Company released its fiscal 2024 results: sales revenue totaled $9.382 billion, up 1.88% from $9.210 billion in 2023; EBIT was $1.278 billion, slightly down from $1.302 billion in 2023; adjusted EBIT was $1.298 billion, up 18% from $1.097 billion in 2023; operating cash flow was $1.287 billion, down from $1.374 billion in 2023. LG Chem On February 3, LG Chem announced its 2024 financial results: consolidated revenue (including LG Energy Solution) amounted to ₩48.9161 trillion, down 11.46% year-on-year; operating profit was ₩916.8 billion, down 63.75% year-on-year.

Net Profit Doubled, Soared, Approaching $10 Billion! Chemical Giants Collectively Recover—A Comprehensive Review of Global Plastics & Chemical Companies’ Q2 Financial Reports

Yet beneath the headline numbers, the drivers behind this recovery are not uniform. Some companies benefited from price hikes, others from one-time gains from asset divestitures, and still others from capacity ramp-ups and commercialization of new materials. Below is a regional breakdown of the latest performance across key players. North America: Dow Posts a Strong Rebound; Eastman Achieves Growth in Both Volume and Price 1. Dow Inc. Q2 net sales totaled $12.1 billion, up 20% year-on-year. According to its earnings release on July 27, all of Dow’s operating segments and regions posted growth in Q2. Local prices rose 20% year-on-year—primarily driven by its Packaging & Specialty Plastics segment—with polyethylene prices increasing across all regions. Profit rebounded even more sharply: GAAP net income was $802 million; operating EPS was $1.44, versus an operating EPS loss of $0.42 in the prior-year quarter. Operating EBIT reached $1.6 billion, up $1.7 billion year-on-year. Dow attributed this improvement to higher pricing and internally driven operational enhancements. Notably, operating EPS excludes a $0.45-per-share charge related to major initiatives—including costs associated with the ongoing ‘Transform to Outperform’ program. As this transformation progresses, its impact will directly influence second-half performance. 2. Eastman Chemical Company Q2 sales revenue totaled $2.513 billion, up 10% year-on-year. Eastman released its Q2 results on August 3, delivering strong performance across both volume and price. Volume/product mix and selling prices increased by 5% and 4%, respectively, jointly driving top-line growth. On the profit front, EBIT was $311 million; adjusted EBIT was $320 million; adjusted diluted EPS was $1.97; net cash provided by operating activities was $224 million. Eastman had previously cut nearly 1,000 jobs in 2025 amid profitability pressures. Now, with two consecutive quarters of revenue growth, signs point to improving market conditions for its specialty materials businesses—including advanced intermediates, specialty plastics, and fibers. 3. LyondellBasell One of the world’s largest polyolefin producers, LyondellBasell disclosed its Q2 results on July 31. Q2 net income reached $559 million, compared to just $115 million in the prior-year quarter. The company had endured a difficult 2025: it reported an adjusted net loss of $79 million in Q4 2025, and then announced a dividend cut in Q1 2026. Among identified items in its Q2 disclosure, a pre-tax disposal loss of $734 million from the sale of certain European assets was the primary one-time factor affecting GAAP net income. The company stated that these European asset sales aim to structurally improve cost efficiency and align its European footprint with its long-term strategy. Moreover, the company continues to advance its first-half free cash flow and cash improvement initiatives, with capital expenditures running below prior-year levels. Q2 EBITDA was $1.252 billion; excluding identified items, it was $2.127 billion—reflecting the underlying strength of its core operations. Europe: BASF Ends 14-Quarter Losing Streak; Arkema Delivers Steady Growth 1. BASF

Eastman Chemical Forecasts Q2 Adjusted EPS of $1.70-$1.90

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Eastman Chemical projects Q2 adjusted earnings per share between $1.70 and $1.90, driven by volume improvements and pricing strategies offsetting maintenance costs and raw material expenses.

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