Chemical Stocks Report Mixed Earnings
Chemical companies report mixed Q2 earnings
CTVA EMN HUN LYB OLN mixed earnings in chemical sector/recap: --CTVA reported slightly softer than expected sales but a solid bottom line, coming in above our estimate.
The company raised guidance by 2.5% at the midpoint, showing strength in the space vs peers. --EMN Q2 adj EPS $1.97 vs. est. $1.82; Q2 revs $2.51B vs. est. $2.4B; Sales revenue increased 15 percent sequentially driven by strong volume growth across the company and disciplined price-cost management in our Specialty businesses; expect Q3 EBIT to be higher. --HUN Q2 EPS miss but revs beat while Q2 adjusted net Income was flat vs. year ago loss citing higher volumes and pricing, but notes energy cost headwinds, especially in Europe. --LYB Q2 adj EPS $4.3 vs. est. $3.41; Q2 sales and other operating revs $9.177B; says outlook could temporarily impact normal buying patterns. --OLN reports miss and lower EBITDA guide as Q2 EPS loss ($0.12) vs est ($0.10), revenue $1.742B vs est $1.807B, adj EBITDA $191.3Mm vs est $184.8Mm, Q3 adj EBITDA guide $160Mm to $200Mm vs est $226.19Mm.