20 Companies! Summary of Chemical Giants’ 2024 Financial Performance!

On January 30, Dow Inc. released its latest financial report: full-year 2024 net sales totaled $43 billion, down $1.6 billion year-on-year from $44.6 billion in 2023; GAAP net income amounted to $1.2 billion, up from $660 million in 2023; operating EBIT stood at $2.6 billion, down from $2.8 billion in the prior year; and operating cash flow from continuing operations was $2.9 billion, down from $5.2 billion in 2023. The report indicates Dow is implementing measures to cut costs by $1 billion globally—including eliminating 1,500 positions worldwide. Covestro On February 26, Covestro published its 2024 fiscal-year results: sales declined 1.4% to €14.2 billion (€14.4 billion in the prior year), primarily due to lower selling prices; EBITDA remained stable, dipping slightly by 0.8% to €1.1 billion—meeting expectations; net profit was -€266 million (compared to -€198 million in the prior year); and free operating cash flow stood at €89 million (down from €232 million in the prior year). In Q4 2024 alone, Covestro’s sales rose 0.9% year-on-year to approximately €3.4 billion; EBITDA surged 44.7% year-on-year to €191 million; and free operating cash flow jumped 246.6% year-on-year to €253 million. Arkema On February 28, Arkema released its full-year 2024 results: sales totaled €9.5 billion, remaining stable year-on-year; volume increased by 2.4%, driven by growth in Asia’s specialty materials business. EBITDA reached €1.532 billion, with an EBITDA margin of 16.1%, slightly up year-on-year. Recently, Arkema has invested in several major growth initiatives—including acquiring PIAM’s polyimide business, acquiring Ashland’s and Dow’s adhesive businesses, and adding new capacity in its Advanced Materials division—to serve attractive markets such as bio-based consumer goods, new energy, electrification, 3D printing, and sports. DuPont On February 11, DuPont released its 2024 financial report: full-year net sales reached $12.4 billion (approximately RMB 90.63 billion), up 3% year-on-year; organic sales grew 1%, while favorable portfolio effects contributed 3%, partially offset by a 1% negative impact from foreign exchange rates. Operating EBITDA totaled $3.14 billion, up 7% year-on-year—driven primarily by higher volumes, productivity gains, and savings from restructuring actions, partially offset by increased variable compensation. Notably, on January 15, DuPont announced it would no longer pursue the spin-off of its water solutions business, instead advancing the planned spin-off of its electronics business. Celanese On February 18, global chemical and specialty materials company Celanese reported full-year 2024 net sales of $10.3 billion, down 6% year-on-year—mainly due to persistently weak global demand across key end markets including automotive, paints & coatings, construction, and industrial sectors, posing headwinds throughout the year. In 2024, the company reported a consolidated operating loss of $697 million; adjusted EBIT totaled $1.6 billion, down 6% year-on-year; and operating EBITDA stood at $2.4 billion—corresponding to margins of (7)%, 16%, and 23%, respectively.

How did international petrochemical companies perform in 2024? What are the highlights of their earnings reports?

BP (UK) In 2024, the company’s adjusted net profit was $8.915 billion, down 35.6% year-on-year. Chevron In 2024, the company’s adjusted net profit was $17.661 billion, down 17.35% year-on-year. Dow Inc. In 2024, the company’s net sales were $43 billion, down 3.6% year-on-year; GAAP net income was $1.2 billion—up from $660 million in 2023; operating EBIT was $2.6 billion, down 7.1% year-on-year; and cash generated from operating activities (i.e., continuing operations) totaled $2.9 billion, compared to $5.2 billion in 2023. DuPont In 2024, the company’s net sales reached $12.386 billion, up 3% year-on-year; operating EBITDA was $3.144 billion, up 7% year-on-year. Eastman Chemical Company In 2024, the company’s sales revenue was $9.382 billion (vs. $9.210 billion in 2023); EBIT was $1.278 billion (vs. $1.302 billion in 2023); adjusted EBIT was $1.298 billion (vs. $1.097 billion in 2023); and cash flow from operating activities was $1.287 billion (vs. $1.374 billion in 2023). ExxonMobil In 2024, the company’s profit was $33.68 billion, down 6.5% year-on-year. Honeywell In 2024, the company’s sales totaled $38.498 billion, up 5% year-on-year; organic sales growth was 3% (4% excluding the impact of the Bombardier agreement); operating income rose 5%, while operating margin remained flat; segment profit increased 1% (6% excluding the Bombardier agreement); segment margin contracted by 90 basis points (20 basis points excluding the Bombardier agreement); earnings per share (EPS) were $8.71, up 3% year-on-year; and adjusted EPS rose 4% to $9.89. Kemira In 2024, the company’s operating income was €2.9487 billion, down 13% year-on-year; EBITDA was €550.7 million, up 2% year-on-year; EBIT was €363.2 million, up 8% year-on-year; cash flow from operating activities reached €484.6 million (vs. €546 million in 2023); and diluted earnings per share hit a record €7.67, up 25% year-on-year. LG Chem In 2024, the company’s operating profit was KRW 916.8 billion, down 63.75% year-on-year. Linde In 2024, the company’s sales were $33 billion—flat year-on-year—with underlying sales growth of 2%; operating profit was $8.6 billion, while adjusted operating profit was $9.7 billion—up 7% year-on-year; adjusted operating profit margin was 29.5%, up 190 basis points; diluted EPS was $13.62, while adjusted diluted EPS was $15.51—up 9% year-on-year.

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