Spring Revival

“Spring is more enjoyable when it follows a long, hard winter,” BASF CEO Juergen Hambrecht told investors last week. And so it goes for chemical makers with a revival in earnings to cherish after a dreadful 2009 (p. 6, 13). One notable element of the latest earnings reports is the dramatic reversal in fortune for U.S. petrochemical profitability. Dow Chemical posted first quarter net income from continuing operations of $552 million, up from $24 million in first-quarter 2009. Dow’s net income nearly matches the $566 million it made in all of...

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