C&EN: "Chemical earnings nose-dive in 2023"

In this week's C&EN, the latest comments on 2023 earnings from the major chemical companies, and it's not looking pretty... (article by Alex Tullo): 

Chemical companies’ 2023 financial results are starting to trickle in: with meek performance in Europe and China, a sluggish construction market, and industry-wide inventory destocking, it was an awful year for chemical makers. And company executives expect a turbulent start to 2024.

Dow, the first major chemical maker to report complete results, posted a 21.6% sales decline from 2022. Net income before unusual items dropped 64.9%.

Volume gains in Dow’s polyethylene and performance material and coatings businesses were more than offset by lower prices. “As we enter 2024, we expect near-term demand to remain pressured by elevated inflation, high interest rates, and geopolitical tension,” Dow chief financial officer Jeffery L. Tate said in a conference call with analysts.

BASF, the world’s largest chemical maker, had expected 2023 to be a terrible year, but the company revealed in a Jan. 19 preview that results would fall short of even its own dour expectations. Sales of $75.7 billion came in below the $79 billion–$82 billion that BASF had forecast in July. Its sales in 2022 were $94.7 billion.

Well, that's not really great news for hiring this year, but let's hope things turn around...