Avoiding the Spring Stall

Earnings are handily beating lowered expectations ( p. 7, 16). Albemarle, DuPont, and PPG Industries reported solid gains in profits. In Europe, AkzoNobel posted an earnings decline but did beat consensus estimates slightly. Estimates were taken down sharply in late 2011, and strong pricing and sequential volume improvement over depressed fourth-quarter levels enabled producers to exceed the lowered expectations. The question is whether the economy, and chemical makers, can avoid the spring stall that has hurt industry in the past two years. It is still early but...

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