20 Giants! A Summary of 2024 Financial Results from Global Chemical Industry Leaders!

As of March 1, global chemical industry leaders—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 sales totaled €65.3 billion (approx. RMB 49.65 billion), down from €68.9 billion in 2023—a decrease of €3.6 billion. 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, compared to €225 million in 2023—far exceeding the prior year’s figure. By year-end 2024, BASF had incurred approximately €900 million in one-time costs related to its cost-savings program. Dow On January 30, Dow Inc. released its latest financial report: full-year 2024 net sales amounted to $43.0 billion, down from $44.6 billion in 2023—a reduction of $1.6 billion; GAAP net income was $1.2 billion, up from $660 million in 2023; operating EBIT was $2.6 billion, down from $2.8 billion in 2023. Operating cash flow from continuing operations totaled $2.9 billion, down from $5.2 billion in 2023. The report indicated that Dow is implementing measures to cut costs by $1 billion globally—including eliminating approximately 1,500 positions. Covestro On February 26, Covestro published 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% to €191 million; and free operating cash flow jumped 246.6% to €253 million. Arkema On February 28, Arkema released its full-year 2024 results: sales totaled €9.5 billion—stable year-on-year. Volumes rose 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 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.

Net Profit Doubled, Soared, Approaching RMB 10 Billion! Chemical Giants Rally Collectively—A Comprehensive Review of Global Plastics & Chemical Companies’ Q2 2026 Financial Reports

From late July to early August, the global chemical industry entered a dense reporting period for second-quarter 2026 financial results. From North America to Europe, and from the Middle East to Asia, multiple plastics and chemical industry giants collectively posted strong results: Dow’s net sales rose 20% year-on-year; BASF ended 14 consecutive quarters of revenue decline; Wanhua Chemical’s first-half net profit is projected to increase over 60%. Yet beneath the headline figures, the drivers behind this recovery differ significantly across companies—some benefited from price hikes, others from one-off gains from asset divestitures, and still others from new capacity ramp-ups and commercialization of novel materials. Below is a regional review of the latest performance highlights. North America: Dow’s Strong Rebound; Eastman Achieves Growth in Both Volume and Price 1. Dow Inc. Q2 net sales: $12.1 billion, up 20% year-on-year. According to its earnings release on July 27, Dow achieved growth across all operating segments and regions in Q2. Local prices rose 20% year-on-year, primarily driven by its Packaging & Specialty Plastics segment, with polyethylene prices rising across all regions. Profit recovery was even more pronounced: GAAP net income reached $802 million; operating EPS was $1.44—versus a loss of $0.42 per share in the prior-year quarter. Operating EBIT totaled $1.6 billion, up $1.7 billion year-on-year. Dow attributed this rebound to higher pricing and internally driven improvement initiatives. Notably, operating EPS excluded a $0.45-per-share impact from major items—including costs associated with the ‘Transform to Outperform’ initiative. This transformation program remains underway, and its progress will directly influence performance in the second half of the year. 2. Eastman Chemical Company Q2 sales revenue: $2.513 billion, up 10% year-on-year. Eastman released its Q2 results on August 3, delivering a solid performance marked by simultaneous growth in both volume/product mix and pricing—each contributing 5% and 4%, respectively, to overall revenue growth. Profit-wise, EBIT was $311 million; adjusted EBIT was $320 million; adjusted diluted EPS was $1.97. Net cash flow from operating activities totaled $224 million. Eastman had previously cut nearly 1,000 jobs in 2025 amid profitability pressures. Two consecutive quarters of revenue growth suggest improving market conditions for its specialty materials businesses—including advanced intermediates, specialty plastics, and fiber products. 3. LyondellBasell One of the world’s largest polyolefin producers, LyondellBasell disclosed its Q2 results on July 31. Q2 net income reached $559 million—up sharply from $115 million in the prior-year quarter. The company had faced 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 the identified items affecting Q2 GAAP net income, a pre-tax disposal loss of $734 million from the sale of certain European assets was the primary one-time factor. The company stated that these European asset sales aim to structurally improve cost efficiency and align its European footprint with its long-term strategic objectives. Additionally, the company continues to advance its first-half free cash flow and cash improvement initiatives, with capital expenditures running below the prior-year level.

Eastman Chemical Co. Stock Underperforms vs. Competitors on Tuesday

4 days ago

Eastman Chemical Co. shares fell 2.16% to close at $65.34, underperforming the broader market during a mixed trading session. The stock remains 21.72% below its 52-week high of $83.47 set in February.

MarketWatch

2026-01-30

Eastman Chemical, Kolmar Korea Forge Partnership to Advance Biodegradable Personal Care Solutions

2026-04-06

Eastman Chemical Co (EMN) Shares Drop 3.04% on April 6

2026-04-06

Eastman Chemical Co. Stock Underperforms Monday Compared to Competitors

2026-04-08

Global Amines Market Growth Driven by Arkema, Eastman Chemical in North America and Europe Expansion

2026-04-08

Eastman to Post Q1 Results April 30, Hold Webcast May 1