Commodity Earnings Hit by Destocking, Europe Weakness

Diversifed and commodity chemicals firms mostly reported declines in fourth-quarter earnings or adjusted earnings, as customer destocking and European economic weakness were felt throughout the supply chain. Some firms, including Dow Chemical, Celanese, and Olin, had earnings significantly impacted by one-time charges. Celanese reported “particularly weak” conditions in Europe, while Dow expects “challenges in Western Europe to persist in the near term,” according to Dow CEO Andrew Liveris. Dow reported a fourth-quarter net loss of $20...

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