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Time: 2017-02-17

With the global economy in turmoil and oil prices in the doldrums, the chemical industry is facing significant challenges. Recently, a number of industry giants have announced the first quarter of 2016 results, and to see how they perform?

Chemical industry giants report earnings for the first quarter of 2016

Basf's sales fell 29% from a year earlier

In the first quarter of 2016, basf group's sales were 14.2 billion euros, down 29% year-on-year. Earnings before interest and tax, excluding special items, were 1.9 billion euros, down 8% from a year earlier.

Basf's sales fell sharply, mainly because of the spin-off of its gas trading and storage businesses; Low oil prices have also led to price cuts, leading to a sharp drop in earnings in basf's chemicals business.

"We will continue to optimize our product portfolio in 2016 with the goal of focusing on high growth businesses," said Dr. Peter bocketts, executive chairman of basf Europe.

"We expect earnings before interest and tax, excluding special items, to be slightly lower than in 2015. "This is an ambitious goal in the current volatile and challenging environment, and a lot depends on where oil prices go. Keats added.

By segment, basf chemicals saw sales fall 19 percent to 3.1 billion euros, mainly due to lower prices for raw materials. Sales in the petrochemicals business in North America fell particularly sharply. In addition to falling profits, rising fixed costs have also had an impact on earnings, mainly due to the launch of a series of new installations in 2015.

Sales in the specialty products business rose from the first quarter of last year, but sales fell 6 percent to 3.8 billion euros, due to lower selling prices. The main downside is lower prices for raw materials associated with lower oil prices, as well as continued price pressures on health operations.

Sales in the functional materials and solutions business fell 4 per cent year-on-year to 4.4bn, driven by lower prices for precious metals trading. Sales rose in response to growing demand from the automotive and construction industries. Sales in the agricultural solutions business fell 6 percent to 1.8 billion euros.

In addition, basf's forecast for the global economic environment in 2016 remains unchanged, which is worthy of industry reference: global GDP is expected to grow by 2.3% in 2016; Global industrial production is projected to grow by 2.0%; Global chemical production is expected to grow by 3.4%. Average crude oil prices are expected to remain at $40 a barrel.

Bayer group sales rose 0.5%

In the first quarter of 2016, bayer group sales rose 0.5 percent to 11.941 billion euros. Adjusted for currency and portfolio, sales rose 3.2%. Earnings before interest, tax, depreciation and amortization, excluding special items, rose 15.7 percent to 3.404 billion euros. Earnings before interest and tax jumped 20.1 percent to 2.335 billion euros after a 272 million euro charge.

Sales of prescription drugs rose 12.2 per cent to 3.889 billion in the first quarter. Sales at the consumer health division rose 2.2 percent to 1.52 billion euros. Significant growth in Latin America/Africa/Middle East and Asia Pacific, while sales in Europe declined due to the overall economic environment in Russia, while sales in the us also declined slightly.

Based on full-year forecasts, bayer's life sciences business is expected to have sales of about 35bn, according to bayer group figures excluding costtron. This amounts to a modest single-digit percentage increase.

Dupont raised its 2016 profit target

Dupont reported a 5.5% decline in first-quarter net revenue to $7.41 billion from $7.84 billion, largely due to a stronger dollar. Net income attributable to the company was $1.23 billion, compared with $1.03 billion a year earlier. Excluding certain items, operating income fell 4% to $1.11 billion.

The operating income of the agricultural sector was 3.786 billion us dollars, down 4% year-on-year. Operating profit was $1.1 billion, down 3% from a year earlier. Operating income of performance materials was $1.249 billion, down 10% year-on-year. Operating profit was $273 million, down 14% from a year earlier. Operating income of the nutrition and health division was $801 million, down 1% year on year. Operating profit was $104 million, up 17 percent from a year earlier. Operating income of the protection solutions division was $729 million, down 8 percent year-on-year. Operating profit was $176 million, up 5% from a year earlier.

Dupont is understood to have raised its financial forecast for 2016 as it expects the impact of the exchange rate to be smaller than expected. Dupont expects operating profit per share of $3.05 to $3.20 this year, up from its previous forecast of $2.95 to $3.10. Dupont also said it expects to save $730 million this year as global cost savings and restructuring efforts continue in an orderly fashion.

Kostron achieved substantial revenue growth

High-tech polymer material manufacturer costtron started fiscal year 2016 with a strong performance. Compared with the same period last year, earnings before interest, tax, depreciation and amortization rose 29.3 percent to 508 million euros. First-quarter net profit totaled 182 million euros, up 58.3% from a year earlier. All three business units contributed to this remarkable performance.

First-quarter sales fell 4.7% to 2.85 billion euros. The sales price has dropped significantly, mainly due to the change in the price of raw materials. Sales exceeded the total for the same quarter last year.

"In the first quarter of this year, we succeeded in continuing the brilliant performance of the previous year. This is another affirmation of the company's market position, especially its profitability. CEO don pedder said. "" we will stick to our expectations for the full year of 2016.

Compared with the same period last year, the core business sales volume of the polyurethane division increased by 10.4% significantly. Polyurethane is a raw material developed by costtron for the production of high-quality foam. Earnings before interest, tax, depreciation and amortisation rose 39.9 per cent to 214m on the back of sales growth.

Sales of the core business of the polycarbonate division rose 8.5 per cent on stronger demand from the automotive, construction and electrical and electronics sectors. Earnings before interest, tax, depreciation and amortization rose 52.6 percent to 177 million euros. Polycarbonate is a multi-purpose high-performance plastic produced and continuously developed by costtron.

Sales in the core business of the coatings, adhesives and specialty chemicals unit fell 2.8%. The unit's sales in the first quarter were affected by the termination of business contracts, in line with expectations, after a strong growth of 6.3 per cent year-on-year in the previous year. Nevertheless, earnings before interest, tax, depreciation and amortisation rose 6.1 per cent to 139m. Profit growth is due to the decline in raw material prices more than the adverse impact of selling prices and sales. The business includes coatings, adhesives, materials for sealants and specialty chemicals such as high-quality films.

The company expects the global economy to grow 2.6 percent in 2016. However, based on the growth momentum of the polyurethane and polycarbonate business units, we expect the core business to achieve moderate single-digit sales growth in 2016.