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PQ Group earnings fall as COVID-19 dings demand

August 03/2020

MOSCOW (MRC) -- PQ Group today reported second-quarter net income down 48.0% year-on-year (YOY), to USD15.9 million, on sales down 16.7%, to USD359.5 million, said Chemweek.

Adjusted earnings totaled 22 cents/share, ahead of analysts consensus estimate of 19 cents/share, as reported by Refinitiv (New York, New York). The declines were largely on lower volume from COVID-19 impacts related to stay-at-home mandates and demand disruption for industrial applications, PQ says.

Performance chemicals segment sales declined 19.8% YOY, to $142.6 million, while segment adjusted EBITDA was down 17.5%, to USD34.0 million. Demand from industrial applications declined during the quarter, but demand from personal care applications generally held up well.

Performance materials segment sales fell 12.3% YOY, to USD104.3 million, while segment adjusted EBITDA declined 6.5%, to USD27.3 million. Lower industrial demand and lower demand from European highway striping activity was partly offset by solid North American highway striping activity.

Refining services segment sales fell 22.9% YOY, to USD90.4 million, on lower gasoline consumption and weaker demand from the automotive and industrial sectors. Catalysts sales grew on higher demand for polyolefin, chemical, specialty, and hydrocracking catalysts.

As MRC informed earlier, Russia's output of chemical products rose in June 2020 by 2.6% year on year. However, production of basic chemicals increased year on year by 4.9% in the first six months of 2020. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the output in January-June. Production of benzene was 106,000 tonnes in June 2020, compared to 110,000 tonnes a month earlier. Overall output of this product reached 721,000 tonnes over the stated period, up by 3.9% year on year.
Author:Anna Larionova
Tags:petroleum products, crude oil, petrochemistry.
Category:General News
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