Europe woes hit earnings

Earnings reports continuing to trickle in for chemical makers show that high European energy prices were the industry’s biggest obstacle for the third quarter. DuPont says that its sales in the period climbed 4% from a year earlier and that earnings were up 39%. The firm declared the results “better than expected” considering the harsh market conditions. At Celanese, sales rose 2%, while profits plummeted 62%. Celanese CEO Lori Ryerkerk noted in an announcement that demand “rapidly deteriorated across the third quarter in Europe and, to a lesser extent, Asia.” Huntsman’s sales were down 4% versus a year ago, and earnings slipped 49%. The firm is looking to cut costs by $40 million.