Epoxy
July 28, 2021
BASF Posts Strong Quarter
BASF Q2 results up on higher prices, volumes; boosts FY21 outlook
Ludwigshafen, Germany (dpa-AFX) – BASF reported a 56-per-cent surge in second-quarter sales, largely driven by higher prices and volumes in all segments.
Sales for the quarter grew by 7.1 billion euros (8.38 billion dollars) to 19.8 billion euros from 12.7 billion euros generated in the prior year period.
Earnings before interest and taxes (EBIT) increased to 2.32 billion euros from 59 million euros last year.
EBIT, before special items, surged to 2.36 billion euros from 226 million euros reported in the same period of last year.
On a per share basis, earnings totalled 1.80 euros compared to a loss of 0.96 euros per share incurred a year ago.
Cash flows from operating activities amounted to 2.5 billion euros in the second quarter of 2021, 295 million euros above the prior-year quarter.
The improvement was mainly attributable to the considerably higher net income of 1.7 billion euros. At 1.8 billion euros, free cash flow increased by 254 million euros compared with the second quarter of 2020.
Dr Martin Brudermueller, chairman of the Board of Executive Directors of BASF, said: “Considerably higher earnings in our upstream businesses due to higher prices and volumes were the main driver for the strong increase in earnings overall. … In our downstream segments, we also managed to increase volumes and prices based on strong demand.”
Looking ahead, the company currently expects fiscal 2021 sales growth to be in the range of 74 billion euros – 77 billion euros, compared to the previously communicated range of 68 billion euros – 71 billion euros.
EBIT, before special items, is now expected to be between 7 billion euros and 7.5 billion euros, up from the prior guidance range of 5 billion euros – 5.8 billion euros.
July 28, 2021
BASF Posts Strong Quarter
BASF Q2 results up on higher prices, volumes; boosts FY21 outlook
Ludwigshafen, Germany (dpa-AFX) – BASF reported a 56-per-cent surge in second-quarter sales, largely driven by higher prices and volumes in all segments.
Sales for the quarter grew by 7.1 billion euros (8.38 billion dollars) to 19.8 billion euros from 12.7 billion euros generated in the prior year period.
Earnings before interest and taxes (EBIT) increased to 2.32 billion euros from 59 million euros last year.
EBIT, before special items, surged to 2.36 billion euros from 226 million euros reported in the same period of last year.
On a per share basis, earnings totalled 1.80 euros compared to a loss of 0.96 euros per share incurred a year ago.
Cash flows from operating activities amounted to 2.5 billion euros in the second quarter of 2021, 295 million euros above the prior-year quarter.
The improvement was mainly attributable to the considerably higher net income of 1.7 billion euros. At 1.8 billion euros, free cash flow increased by 254 million euros compared with the second quarter of 2020.
Dr Martin Brudermueller, chairman of the Board of Executive Directors of BASF, said: “Considerably higher earnings in our upstream businesses due to higher prices and volumes were the main driver for the strong increase in earnings overall. … In our downstream segments, we also managed to increase volumes and prices based on strong demand.”
Looking ahead, the company currently expects fiscal 2021 sales growth to be in the range of 74 billion euros – 77 billion euros, compared to the previously communicated range of 68 billion euros – 71 billion euros.
EBIT, before special items, is now expected to be between 7 billion euros and 7.5 billion euros, up from the prior guidance range of 5 billion euros – 5.8 billion euros.
July 28, 2021
Olin Results
Olin Announces Second Quarter 2021 Results
Jul. 27, 2021 4:05 PM ETOlin Corporation (OLN)1 Comment
Q2: 2021-07-27 Earnings Summary
EPS of $2.26 beats by $0.79 | Revenue of $2.22B (78.96% Y/Y) beats by $105.10M
CLAYTON, Mo., July 27, 2021 /PRNewswire/ —
Second Quarter 2021 Highlights
- Net income of $355.8 million and record adjusted EBITDA of $559.2 million
- ECU Profit Contribution Index improved by 30% compared to first quarter
- Epoxy and Winchester achieved record quarterly segment earnings
Olin Corporation (OLN) announced financial results for the second quarter ended June 30, 2021.
Second quarter 2021 reported net income was $355.8 million, or $2.17 per diluted share, which compares to second quarter 2020 reported net loss of $120.1 million, or $0.76 per diluted share. Second quarter 2021 adjusted EBITDA of $559.2 million excludes depreciation and amortization expense of $142.0 million and restructuring charges of $14.0 million. Second quarter 2020 adjusted EBITDA was $71.5 million. Sales in the second quarter 2021 were $2,221.3 million compared to $1,241.2 million in the second quarter 2020.
Scott Sutton, Chairman, President and Chief Executive Officer, said, “Our performance in the second quarter continues to demonstrate the growing success of our unique winning model that prioritizes ‘value first.’ As predicted, we increased the Electrochemical Unit Profit Contribution Index (ECU PCI). Olin drove sequential pricing improvement in the second quarter 2021 for chlorine, chlorine derivatives, including epoxy resins, and caustic soda. Our Epoxy business continued to improve margins and delivered record quarterly segment results. Our Winchester business also delivered record quarterly segment results. Continuing to build on these successes in second half 2021, Olin now expects to deliver adjusted EBITDA of at least $2.1 billion for 2021. We expect Chlor Alkali Products and Vinyls, Epoxy and Winchester third quarter segment results to increase sequentially. Overall, we also expect third quarter 2021 adjusted EBITDA to improve sequentially from second quarter 2021 levels.”
SEGMENT REPORTING
Olin defines segment earnings as income (loss) before interest expense, interest income, goodwill impairment charges, other operating income (expense), non-operating pension income, other income, and income taxes.
CHLOR ALKALI PRODUCTS AND VINYLS
Chlor Alkali Products and Vinyls sales for the second quarter 2021 were $967.3 million compared to $651.2 million in the second quarter 2020. The increase in Chlor Alkali Products and Vinyls sales was primarily due to higher pricing and volumes. Second quarter 2021 segment earnings were $168.9 million compared to a segment loss of $57.0 million in the second quarter 2020. The $225.9 million increase in segment earnings was primarily due to higher pricing across all products and higher volumes. The segment earnings also reflected higher raw material and operating costs. Chlor Alkali Products and Vinyls second quarter 2021 results included depreciation and amortization expense of $114.5 million compared to $108.5 million in the second quarter 2020.
EPOXY
Epoxy sales for the second quarter 2021 were $850.0 million compared to $397.4 million in the second quarter 2020. The increase in Epoxy sales was primarily due to higher pricing and volumes. The second quarter 2021 segment earnings were $165.3 million compared to a segment loss of $13.0 million in the second quarter 2020. The $178.3 million increase in Epoxy segment earnings was primarily due to higher product margins, as higher pricing was partially offset by higher benzene and propylene raw material costs, and higher volumes. Segment earnings also reflected higher operating costs and maintenance turnaround costs. Epoxy second quarter 2021 results included depreciation and amortization expense of $20.3 million compared to $21.6 million in the second quarter 2020.
https://seekingalpha.com/pr/18410670-olin-announces-second-quarter-2021-results
July 28, 2021
Olin Results
Olin Announces Second Quarter 2021 Results
Jul. 27, 2021 4:05 PM ETOlin Corporation (OLN)1 Comment
Q2: 2021-07-27 Earnings Summary
EPS of $2.26 beats by $0.79 | Revenue of $2.22B (78.96% Y/Y) beats by $105.10M
CLAYTON, Mo., July 27, 2021 /PRNewswire/ —
Second Quarter 2021 Highlights
- Net income of $355.8 million and record adjusted EBITDA of $559.2 million
- ECU Profit Contribution Index improved by 30% compared to first quarter
- Epoxy and Winchester achieved record quarterly segment earnings
Olin Corporation (OLN) announced financial results for the second quarter ended June 30, 2021.
Second quarter 2021 reported net income was $355.8 million, or $2.17 per diluted share, which compares to second quarter 2020 reported net loss of $120.1 million, or $0.76 per diluted share. Second quarter 2021 adjusted EBITDA of $559.2 million excludes depreciation and amortization expense of $142.0 million and restructuring charges of $14.0 million. Second quarter 2020 adjusted EBITDA was $71.5 million. Sales in the second quarter 2021 were $2,221.3 million compared to $1,241.2 million in the second quarter 2020.
Scott Sutton, Chairman, President and Chief Executive Officer, said, “Our performance in the second quarter continues to demonstrate the growing success of our unique winning model that prioritizes ‘value first.’ As predicted, we increased the Electrochemical Unit Profit Contribution Index (ECU PCI). Olin drove sequential pricing improvement in the second quarter 2021 for chlorine, chlorine derivatives, including epoxy resins, and caustic soda. Our Epoxy business continued to improve margins and delivered record quarterly segment results. Our Winchester business also delivered record quarterly segment results. Continuing to build on these successes in second half 2021, Olin now expects to deliver adjusted EBITDA of at least $2.1 billion for 2021. We expect Chlor Alkali Products and Vinyls, Epoxy and Winchester third quarter segment results to increase sequentially. Overall, we also expect third quarter 2021 adjusted EBITDA to improve sequentially from second quarter 2021 levels.”
SEGMENT REPORTING
Olin defines segment earnings as income (loss) before interest expense, interest income, goodwill impairment charges, other operating income (expense), non-operating pension income, other income, and income taxes.
CHLOR ALKALI PRODUCTS AND VINYLS
Chlor Alkali Products and Vinyls sales for the second quarter 2021 were $967.3 million compared to $651.2 million in the second quarter 2020. The increase in Chlor Alkali Products and Vinyls sales was primarily due to higher pricing and volumes. Second quarter 2021 segment earnings were $168.9 million compared to a segment loss of $57.0 million in the second quarter 2020. The $225.9 million increase in segment earnings was primarily due to higher pricing across all products and higher volumes. The segment earnings also reflected higher raw material and operating costs. Chlor Alkali Products and Vinyls second quarter 2021 results included depreciation and amortization expense of $114.5 million compared to $108.5 million in the second quarter 2020.
EPOXY
Epoxy sales for the second quarter 2021 were $850.0 million compared to $397.4 million in the second quarter 2020. The increase in Epoxy sales was primarily due to higher pricing and volumes. The second quarter 2021 segment earnings were $165.3 million compared to a segment loss of $13.0 million in the second quarter 2020. The $178.3 million increase in Epoxy segment earnings was primarily due to higher product margins, as higher pricing was partially offset by higher benzene and propylene raw material costs, and higher volumes. Segment earnings also reflected higher operating costs and maintenance turnaround costs. Epoxy second quarter 2021 results included depreciation and amortization expense of $20.3 million compared to $21.6 million in the second quarter 2020.
https://seekingalpha.com/pr/18410670-olin-announces-second-quarter-2021-results
July 27, 2021
Leverkusen Explosion
1 person dead, 4 still missing in German chemical explosion
An explosion at an industrial park for chemical companies in Germany has killed at least one person, with 16 injured and four still missing By KIRSTEN GRIESHABER Associated PressJuly 27, 2021, 8:14 AM• 2 min read
3:20
On Location: July 26, 2021Catch up on the developing stories making headlines.
BERLIN — An explosion at an industrial park for chemical companies in Germany killed at least one person Tuesday, with 16 injured and four still missing. Fire officials who tested the air said there did not appear to be a danger to nearby residents after authorities initially urged people to shelter inside.
The explosion at the waste management facility of the Chempark site in the city of Leverkusen, near Cologne, sent a large black cloud into the air. It took firefighters almost four hours to extinguish the fire that took hold after the explosion.
Germany’s Federal Office for Civil Protection and Disaster Assistance initially classified the incident as “an extreme threat.” Later on Tuesday, however, the Cologne fire department tweeted that measurements of the air’s pollution “do not show any kind of abnormality.” They said the smoke had gone down but that they would continue to measure the air for toxins.
The city of Leverkusen said in a statement that the explosion occurred in storage tanks for solvents. It said four people were hospitalized with severe injuries.
“We are deeply concerned about this tragic accident and the death of our employee,” the head of Chempark, Lars Friedrich, said in a written statement.
Currenta, the company operating the chemical park, said the explosion happened at 9:40 a.m. and then developed into a fire.
“Sirens were operated to warn residents and warning alerts were sent,” Currenta said in the statement.
Police in nearby Cologne said a large number of officers, firefighters, helicopters and ambulances from across the region had been deployed to the scene. They asked all residents to stay inside and warned people from outside of Leverkusen to avoid the region.
They also shut down several nearby major highways.
Daily Koelner Stadt-Anzeiger reported that the smoke cloud was moving in a northwestern direction toward the towns of Burscheid and Leichlingen.
Leverkusen is home to Bayer, one of Germany’s biggest chemical companies. It has about 163,000 residents and borders Cologne, which is Germany’s fourth biggest city and has around 1 million inhabitants. Many residents work at Bayer, which is one of the biggest employers in the region.
The chemical park is located very close to the banks of the Rhine river.
Currenta has three facilities in the region. More than 70 different companies are based at the locations in Leverkusen, Dormagen and Krefeld-Uerdingen.
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