Chemical companies' second quarter results

Also in this week's issue of C&EN, this expected but unwelcome news: 

Chemical companies navigating the economic impact of COVID-19 will be reporting second-quarter sales and earnings in the coming weeks, and early indications are that the figures won’t be pretty. Economists are expecting a global rebound in the third quarter, but chemical industry watchers say some markets, namely automotive and aerospace, will continue to be troubled, possibly for years. 

The chemical makers BASF and Covestro and the paint and coatings firm AkzoNobel have given investors a preview of the magnitude of the impact that COVID-19 slowdowns had on second-quarter sales and earnings. All three say businesses serving automotive manufacturing had a rough season, while some other major segments kept pace with last year. 

Lower demand from the auto industry hurt BASF’s sales of materials, surface technologies, and basic and performance chemicals. Overall, the German company expects to report a sales drop of 12.4% to $14.5 billion compared to the second quarter of 2019. The company will report full results on July 29... 

...In the US, the chemical industry will continue to face lagging sales to the auto industry, but companies supplying pharmaceuticals, nutrition, and hygiene raw materials will benefit from upward trends, according to a midyear outlook by Deloitte. The consulting firm estimates full-year US chemical industry sales will be 14–15% lower than last year...

A 14% revenue cut doesn't sound like something that's going to lead to more hiring...