Chemicals sales bounce back in quarter

The latest batch of chemical companies to report third-quarter earnings upholds the thesis that the economy is recovering from the downturn brought on by COVID-19 lockdowns. Chemours reports that its third-quarter sales fell 11.3% compared with the year-earlier period but rose 12.8% from the second quarter. The company had higher titanium dioxide pigment sales for architectural coatings and more demand for refrigerants for automobiles. Eastman Chemical’s sales dropped 8.7% compared with last year’s third quarter but increased 10.3% versus the second. “With demand having improved throughout the third quarter and into October, we entered the fourth quarter with solid momentum,” Eastman CEO Mark Costa says in a statement. LyondellBasell Industries saw sales drop by 22.3% year over year but increase 22.2% from the prior quarter. Polyethylene demand, which has been strong even during the pandemic because of the need for consumer packaging, has been a plus for the company. Similarly, because of continued strength in agriculture, the crop protection chemical maker FMC posted a 6.9% sales increase from the year-earlier quarter.