latest news: on july 21, chemical and specialty materials company company () reported second-quarter profit and sales that beat expectations as higher selling prices helped it offset the impact of covid-19. pandemic-related lockns, logistical restrictions, and rising energy and raw material costs.
chemical's net income fell to $1.68 billion from $1.93 billion a year earlier, and earnings per share fell to $2.26 from $2.51 dollar. during the same period, the company's domestic market product prices rose 16%, and all market segments, business units and regions increased product prices.
operating profit per share was $2.31, beating the consensus estimate of $2.14. sales revenue rose 12.8% year-on-year to $15.66 billion, beating market expectations of $15.55 billion. strong growth in its packaging and specialty plastics business offset weaker-than-expected results in its industrial intermediates, infrastructure, performance materials and coatings business units.
cost of sales increased by 20.1%, outpacing the growth rate of sales revenue. gross profit margin dropped from 22.65% to 17.65%.
