Leading international chemical companies, including Evonik, DuPont, Huntsman, Saudi Aramco, SABIC, Solvay, Arkema, and others, have released their Q3 2024 earnings reports.
Evonik achieved sales of €3.83 billion in Q3 2024, a 2% year-on-year increase. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached €577 million, up 19%. Free cash flow for the first three quarters of 2024 was €701 million, more than double compared to the previous year.
Evonik also announced a new strategy in Q3, aiming for an additional €1.5 billion in sales by 2032 and disclosed plans to divest businesses worth around €350 million in sales. On August 31, the superabsorbent polymers business was transferred to new owner ICIG.
Furthermore, Evonik raised its 2024 full-year forecast, expecting adjusted EBITDA to be between €1.9 billion and €2.2 billion, with sales expected to range between €15 billion and €17 billion. The cash conversion rate is expected to be around 40%.
DuPont achieved net sales of $3.2 billion in Q3 2024, a 4% increase compared to the same period last year, with organic sales growing 3%. On a GAAP basis, its income from continuing operations was $480 million, up 65%. EBITDA reached $857 million, up 11%.
For the full year 2024, DuPont expects EBITDA to be around $3.125 billion, with adjusted earnings per share of $3.90. Net sales are forecasted to be approximately $12.365 billion.
Huntsman reported Q3 2024 revenue of $1.54 billion, up 2.3% year-on-year.
The net income attributable to the company was a loss of $33 million, while adjusted net income was $17 million.
Adjusted EBITDA was $131 million, down 3.6% from last year.
Saudi Aramco posted net profits of $27.6 billion for Q3 2024, a decrease of 15.3% compared to the previous year’s $32.6 billion.
Operating cash flow was $35.2 billion, up 12.1% from $31.4 billion in Q3 2023.
Free cash flow amounted to $22 billion, up from $20.3 billion in Q3 2023. Capital expenditures for the quarter reached $13.2 billion.
SABIC's total sales for Q3 2024 were SAR 36.88 billion (approximately $9.82 billion), a 3% year-on-year increase.
The company reported a net profit of SAR 1 billion (approximately $270 million), recovering from a net loss of SAR 2.88 billion (approximately $770 million) in the same quarter last year. This growth was driven by increased average selling prices for key products and a reduction in the loss from non-continuing operations.
SABIC's CEO Al-Fadly noted that the company's growth investment projects, including the SABIC Fujian petrochemical complex and the MTBE plant project at Petrokemya, are progressing as planned.
Solvay's net sales for Q3 2024 were €1.156 billion, a 3.2% increase year-on-year. EBITDA remained stable at €259 million, a 9.7% decrease from last year. The EBITDA margin was 22.4%.
Net income from continuing operations was €108 million, down from €157 million in Q3 2023. Free cash flow dropped by 55.7% to €74 million.
In the first nine months of 2024, Solvay generated €77 million in structural cost savings.
Lanxess achieved sales of €1.598 billion in Q3 2024, unchanged from last year, mainly due to lower raw material and energy costs.
EBITDA before special items was €173 million, up 45.4%, driven by improved performance.
The company reported net income of €1 million from continuing operations, compared to a loss of €131 million in the same quarter last year.
Lanxess reaffirmed its full-year 2024 forecast, expecting earnings to grow by 10% to 20% compared to €512 million last year. Due to seasonal business trends, the company expects a slowdown in Q4.
Additionally, in early October, Lanxess sold its polyurethane business to Japan's Ube Corporation.
Arkema posted sales of €2.4 billion in Q3 2024, a 2.9% increase year-on-year. Despite weak global demand, particularly in Europe, sales volume grew by 2.2%, supported by markets such as energy, sports, healthcare, and packaging.
EBITDA reached €407 million, up 5.4%, driven by strong growth in adhesive solutions and advanced materials, along with increased resilience in the U.S. and Asian markets.
Adjusted net income for the quarter was €168 million, down 5.1%, or €2.25 per share, compared to €2.38 per share in Q3 2023.
Arkema expects 2024 EBITDA to be at the lower end of its guidance range, around €1.53 billion, due to the delayed recovery of the macroeconomic environment.
Clariant's Q3 2024 sales were CHF 991 million (approximately $1.13 billion), a 1% decrease year-on-year due to a 3% drop in sales volume, although pricing remained stable across all business segments.
EBITDA was CHF 139 million (approximately $159 million), down 13% year-on-year, with an EBITDA margin of 14.0%, lower than last year's 15.4%.
The acquisition of Lucas Meyer Cosmetics (Scope) had a 2% positive impact on sales. Meanwhile, the divestiture of the Podari plant assets and the reduction of the bioethanol business are progressing, with financial impacts lower than initially expected.
Syensqo's Q3 2024 net sales were €1.6 billion, a 2% organic growth driven by increased sales in materials, consumer goods, and resources businesses.
Adjusted EBITDA was €374 million, with an EBITDA margin of 22.9%, up approximately 80 basis points from the previous quarter.
Basic net income was €162 million, and operating cash flow was €210 million, with free cash flow of €27 million and a cash conversion rate of 81%.
Celanese's Q3 2024 net sales were $2.6 billion, a 2.8% decrease year-on-year, with stable sales volume, slightly improved exchange rates, and a 1% price decline.
Operating income was $248 million, down 70.5%, while adjusted EBIT was $457 million, unchanged year-on-year, with operating EBITDA at $644 million and margins of 9%, 17%, and 24% respectively.
Celanese is taking a series of measures to improve profitability and cash flow.
LyondellBasell's Q3 2024 net income was $573 million, a 23.3% decrease year-on-year.
EBITDA for the quarter was $1.2 billion, down 13%. The company generated $670 million in cash flow from operations and achieved a cash conversion rate of about 80% over the past 12 months.
Shin-Etsu reported Q3 sales of $868 million, down 1% year-on-year. The decline in sales was mainly due to a drop in the polystyrene and latex adhesives businesses, though price increases partly offset the impact.
Net loss for the quarter was $87 million, a reduction of $49 million from last year, mainly due to increased interest, taxes, and restructuring costs.
Adjusted EBITDA was $66 million, including $3 million in net timing impacts, up $25 million from last year. Performance in all business units improved, except for styrene operations in the Americas, which were impacted by unplanned shutdowns.
The announced restructuring plan is expected to save $25 million in costs by 2025 and $30 million in operating expenses by the end of 2026.
Eastman achieved sales of $2.464 billion in Q3 2024, a 9% increase year-on-year, driven by an 8% improvement in volume/product mix.
Operating cash flow for the quarter was $396 million, and the company returned $195 million to shareholders through stock buybacks and dividends.
Chemours reported Q3 net sales of $1.5 billion, a 1% increase year-on-year, mainly due to a 5% growth in sales volume offset by a 3% price decrease and a slight 1% negative impact from exchange rates.
The company posted a net loss of $27 million, compared to a net profit of $12 million in Q3 2023.
Adjusted EBITDA was $208 million, a 1% decrease, due to lower pricing, currency effects, and portfolio changes, although volume growth and cost reductions partially mitigated these impacts.
LG Chem achieved sales of KRW 12.67 trillion (approximately $9.1 billion) in Q3 2024, a 3.0% increase compared to the previous quarter, but a 6.1% decrease year-on-year.
Operating profit was KRW 498.4 billion (approximately $360 million), a 22.8% increase compared to the previous quarter, but a 42.1% decrease year-on-year.
Wacker Chemie posted Q3 2024 sales of €1.43 billion, a 6% decrease year-on-year, primarily due to a significant drop in sales in the polysilicon business.
EBITDA was €152 million, unchanged from last year.
Net profit was €34 million, a 1.2% year-on-year increase. However, net cash flow was -€99 million.
Aker Solutions' total revenue for Q3 2024 was NOK 8.056 billion (approximately $730 million), a 3% increase year-on-year.
EBITDA reached NOK 1.235 billion (approximately $112 million), the highest since Q1 2023. This improvement was driven by higher sales volume and operational improvements in the silicon business.
Q3 earnings per share (EPS) were NOK 0.15, while the EPS for the first nine months of 2024 was NOK 0.80.
EMS Group, active in the high-performance polymers and specialty chemicals sectors, achieved net sales of CHF 1.589 billion (approximately $1.815 billion) for the first nine months of 2024, a 6.3% year-on-year decrease. Operating income (EBIT) for Q2 was significantly higher than in the same period last year.
