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1. Sika profits slip on lower sales, confirms 2023 targets
MOSCOW
(MRC) -- Construction chemicals company Sika (Baar, Switzerland) says its net
profits for the first nine months of 2020 were lower by almost 1% on a
year-on-year (YOY) basis, to 561.5 million Swiss francs (USD619.5 million) on
sales down 3.4% YOY, to SFr5.81 billion, reported Chemweek. The company says
that lower sales in the March-to-May period had a negative impact on profits,
with nine-month EBIT slipping by approximately 1% YOY, to SFr797.4 million.
However, EBITDA increased 3.1% YOY, to SFr1.07 billion. Third-quarter figures
have not been disclosed. “The 2020 financial year to date has been dominated by
the coronavirus pandemic. With our decentralized organization, we have been able
to adapt swiftly to changed local conditions in all 100 countries and gain
market share,” says Paul Schuler, CEO at Sika.
http://www.mrcplast.com/news-news_open-378073.html
2.
Crude futures fall as US gasoline stock build overshadows crude
drawdown
MOSCOW (MRC) -- Crude futures dipped during mid-morning Asian
trade Oct. 22 as data from the Energy Information Association indicated that the
US' downstream demand remains weak and on persistent concerns over the the
ramp-up in Libyan oil production, reported S&P Gllobal. At 10.41 am
Singapore time (0241 GMT), ICE Brent December crude futures were down 21 cents/b
(0.5%) from the Oct. 21 settle to USD41.52/b, while the NYMEX December light
sweet crude contract was down 25 cents/b (0.62%) at USD39.78/b. Both
international crude markets had plunged 3.31% and 4.00% to settle at USD41.73/b
and USD40.03/b, respectively, on Oct. 21.
http://www.mrcplast.com/news-news_open-378062.html
3.
Dow posts slight loss as results improve from pandemic lows
MOSCOW (MRC)
-- Dow reported a loss of USD1 million in the third quarter as results rebounded
significantly from second-quarter pandemic lows. The company reported earnings
of USD347 million the same year-ago quarter and a loss of USD217 million in the
second quarter, said Chemweek. Net sales were USD9.7 billion, down 9.8% YOY and
up 16% sequentially from the second quarter. Reported adjusted earnings were 50
cts/share, down 46% YOY but well above analyst estimates of 33 cts/share on
resilient demand in plastics and home care, improved demand in durables, and
expense reductions, which were offset by lower price and margin compression. “We
increased our operating rates to match rising demand as the recovery gained
momentum,” said Dow CEO Jim Fitterling. “In polyethylene, we achieved pricing
gains of 12% over the prior quarter as demand for packaging remained resilient,
and in polyurethanes, we delivered higher volumes and margins underpinned by
improving consumer durable demand."
http://www.mrcplast.com/news-news_open-378081.html
4.
Air Liquide beats on sales, reaffirms 2020 guidance
MOSCOW (MRC) -- Air
Liquide reports an 8.7% decline year on year (YOY) in group sales for the third
quarter to EUR4.98 billion (USD5.90 billion), beating analysts’ consensus
estimate by 180 basis points, with the company reconfirming its existing
full-year 2020 guidance of delivering net profit close to last year’s result of
EUR2.2 billion, said Chemweek. The company has not published third-quarter net
profit figures. The quarter produced “a marked recovery in sales” compared with
the second quarter of this year, with improvements across all business lines and
in all regions, according to Benoit Potier, Air Liquide’s chairman and CEO.
Within the context of limited local lockdowns and a progressive recovery until
the end of the year, the company is “confident in its ability to further
increase its operating margin and to deliver net profit close to [the] preceding
year’s level,” he says. Cash flow from operating activities reached nearly 24%
of sales in the quarter, with industrial investment decisions for the nine
months to end September totaling EUR2.1 billion and EUR685 million for the
quarter, according to the company. It has also achieved EUR311 million in cost
efficiencies so far this year, with a total of over EUR400 million targeted for
the full financial year 2020, it adds.
http://www.mrcplast.com/news-news_open-378160.html |
