Q21: Q3 financial results of 21 chemical enterprises! Dow, Wacker, Wanhua, Sinopec, CNOOC, etc.

【Answer 1】 Dow Chemical Company Q3 2024 net sales totaled $10.9 billion (approx. RMB 77.7 billion), up 1% year-on-year, driven by sales growth in the U.S. and Canada. Sales were flat sequentially. Volumes rose 1% year-on-year, driven by growth in the Functional Materials & Coatings operating segment; volumes increased 1% sequentially, driven by gains in Packaging & Specialty Plastics and Industrial Intermediates & Infrastructure. GAAP net income was $240 million. Operating EBIT was $641 million—up $15 million year-on-year—primarily due to improved overall margins in the Packaging & Specialty Plastics operating segment. Earnings per share (EPS) were $0.30; operating EPS was $0.47, down from $0.48 a year earlier and $0.68 last quarter. Akzo Nobel In Q3 2024, organic sales grew 1% on higher volumes; reported sales declined 3%; operating profit was €259 million (€354 million in Q3 2023); adjusted EBITDA was €394 million (€414 million in Q3 2023); adjusted EBITDA margin was 14.8% (15.1% in Q3 2023); net cash generated from operating activities was €294 million (€297 million in Q3 2023). Honeywell Q3 2024 sales reached $9.7 billion (approx. RMB 69.1 billion), up 6% year-on-year; organic sales rose 3%, driven by strong performance in Defense & Aerospace, Commercial Aviation, and Building Solutions. Operating income fell 4%, and operating margin contracted 180 basis points to 19.1%, primarily due to an impairment loss arising from classifying the Personal Protective Equipment (PPE) business as assets held for sale. Segment profit rose 6%, mainly driven by robust aerospace technology performance and a full-quarter contribution from the acquisition of Access Solutions; segment margin remained flat at 23.6%. EPS was $2.16, down 5% year-on-year; adjusted EPS was $2.58, up 8% year-on-year. Operating cash flow was $2.0 billion; free cash flow was $1.7 billion, up 10% year-on-year. LG Chem Q3 2024 sales amounted to KRW 12.6704 trillion; operating profit was KRW 498.4 billion. Compared with the previous quarter, sales and operating profit rose 3.0% and 22.8%, respectively. 2024 Q3 sales totaled $3.0 billion, down 2% year-on-year. GAAP net income was $709 million, up 16% year-on-year. GAAP net income margin was 23.7%, up 260 basis points year-on-year. Adjusted EBITDA was $1.3 billion, up 5% year-on-year. Adjusted EPS was $3.20—exceeding prior expectations—and up 7% year-on-year.

Factories shuttered, legacy assets sold off! A global paint giant cuts 1,800 jobs; China operations—5,000 employees—remain unaffected—for now; netizens comment: “The chill from the real estate sector has finally spread…”

【Answer 2】 According to reports from the unemployment-focused media outlet 'Unemployment Jun', PPG Industries has entered into a definitive agreement with American Industrial Partners (AIP) to sell its architectural coatings businesses in the United States and Canada to AIP for $550 million. The transaction is expected to close between late 2024 and early 2025. Facilities included in this sale comprise seven manufacturing plants in the U.S. and two in Canada, along with 12 distribution centers and over 15,000 distribution points—including 750 company-owned stores and 6,600 independent distributors. As of end-2023, PPG employed approximately 53,000 people globally; thus, this workforce reduction represents roughly a 3% cut. PPG estimates that once fully implemented, these cost-reduction measures will yield approximately $175 million in annual pre-tax savings, including $60 million in 2025. Additionally, the company plans to record a $250 million pre-tax charge in Q4 2024. Tim Knavish, PPG’s CEO, stated that although layoffs are a difficult decision, divesting the U.S. and Canadian architectural coatings businesses—as well as its silica products business—will enhance organic growth and financial returns, thereby further optimizing its portfolio. Knavish emphasized that this layoff decision will not undermine PPG’s current investment plans nor alter its commitment to organic growth. Recently, PPG released its Q3 2024 financial report, demonstrating stable profitability. Despite revenue headwinds, PPG successfully increased net profit—largely attributable to its diversified business portfolio and effective cost-control strategies. Per the report, PPG achieved Q3 2024 revenue of $4.575 billion (approx. RMB 3.2581 billion), down 1.48% year-on-year. Although revenue slightly declined, net profit rose 9.86% year-on-year to $468 million (approx. RMB 333.2 million). For the first three quarters combined, PPG recorded total revenue of $13.68 billion (approx. RMB 9.74 billion), down 1.56% year-on-year; net profit reached $1.396 billion (approx. RMB 994.1 million), up a substantial 18.31% year-on-year. Commenting on the results, Tim Knavish noted: “Although automotive OEM construction activity slowed this quarter, we achieved positive growth across seven of our ten businesses—especially in several key technology-driven businesses—delivering a record Q3 EPS.” Additionally, in the Asia-Pacific region, PPG posted solid sales growth in both its China and India reporting units, driven by expanded market share. PPG also disclosed that the U.S. and Canadian architectural coatings businesses being sold generated approximately $2.0 billion in sales in 2023—roughly one-tenth of PPG’s total annual revenue.

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