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

As of March 1, global chemical giants—including BASF, Dow, Covestro, Arkema, DuPont, Huntsman, Lanxess, Celanese, Syensqo, Trinseo, INEOS, Honeywell, Clariant, Eastman, SABIC, Chemours, LyondellBasell, ExxonMobil, LG Chem, and Avient—have all released their 2024 financial reports. Given market conditions in 2024, several giants announced a series of cost-cutting measures. Specifically: BASF On February 28, BASF released its full-year 2024 results. Full-year 2024 sales totaled €65.3 billion (approx. RMB 49.65 billion), down €3.6 billion year-on-year from €68.9 billion in 2023. EBITDA stood at €6.7 billion, down €500 million year-on-year (€7.2 billion in 2023); EBIT was €2.0 billion, down €206 million; net income reached €1.3 billion, far exceeding €225 million in 2023. By the end of 2024, BASF had incurred approximately €900 million in one-time costs related to its cost-savings program. Dow On January 30, Dow released its latest financial report: full-year 2024 net sales were $43.0 billion, down $1.6 billion from $44.6 billion in 2023; GAAP net income was $1.2 billion, up from $660 million in 2023; operating EBIT was $2.6 billion, down from $2.8 billion last year. Cash flow from operating activities of continuing operations amounted to $2.9 billion, down from $5.2 billion in 2023. The report indicated that Dow is implementing measures to cut costs by $1 billion, including eliminating 1,500 positions globally. Covestro On February 26, Covestro released its fiscal 2024 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 only 0.8% to €1.1 billion—meeting expectations; net profit was -€266 million (vs. -€198 million in the prior year), while free operating cash flow stood at €89 million (vs. €232 million in the prior year). In Q4 2024 alone, Covestro’s sales rose 0.9% year-on-year to approx. €3.4 billion; EBITDA surged 44.7% year-on-year to €191 million; 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 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 invested in several major growth initiatives—including acquiring PIAM’s polyimide business, acquiring Ashland’s and Dow’s adhesives 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.

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

Chevron In 2024, the company’s adjusted net income was $17.661 billion, down 17.35% year-on-year. Dow In 2024, the company’s net sales were $43.0 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; cash flow from operating activities (i.e., continuing operations) was $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 In 2024, the company’s sales revenue was $9.382 billion, up from $9.210 billion in 2023; EBIT was $1.278 billion, down from $1.302 billion in 2023; adjusted EBIT was $1.298 billion, up from $1.097 billion in 2023; cash flow from operating activities was $1.287 billion, down from $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 were $38.498 billion, up 5% year-on-year; organic sales growth was 3% (4% excluding the impact of the Bombardier agreement); operating income grew 5%, while operating margin remained unchanged; segment profit rose 1% (6% excluding the Bombardier agreement); segment margin contracted by 90 basis points (20 basis points excluding the Bombardier agreement); EPS was $8.71, up 3% year-on-year; 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, down from €546 million in 2023; diluted EPS 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 $33.0 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. LyondellBasell In 2024, the company’s net income was $1.4 billion, with adjusted net income at $2.1 billion; EBITDA was $3.5 billion, adjusted to $4.3 billion; cash flow from operating activities was $3.8 billion.

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