Earnings Steady Despite Storm

Soaring energy and feedstock costs, depressed automotive and housing markets, weak U.S. demand, and cratering share prices could lead some to believe that the down cycle is here for U.S. chemical makers. A look at early earnings reports as well as some underlying demand trends, however, shows that things are not all that bad out there. PPG Industries and Sherwin-Williams (SW), the first two chemical makers to report second-quarter earnings, beat expectations despite exposure to housing and automotive markets. PPG posted a net income increase of 11%, and...

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