High Volumes, Selling Prices Lift European Chemical Results

European chemical companies reported strong first-quarter 2011 earnings because of improved volumes and increased selling prices compared with the year-ago period. Producers are optimistic that the economy will grow this year, but they expect raw material costs to continue to rise. Total’s chemicals business reported adjusted net operating income up 52%, to €238 million ($351 million) on sales up 21%, to €5.1 billion. Adjusted net operating income more than doubled, to €119 million in base chemicals and increased 3%, to €121 million in specialties. The...

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