North America Chemicals: Examining Bogeys and Read-Throughs for This Week‘s 2Q26 Earnings

研报英文原文证据摘录

North America Chemicals: Examining Bogeys and Read-Throughs for This Week‘s 2Q26 Earnings

Viewpoint |

27 Jul 2026 06:55:47 ET │ 11 pages

North America Chemicals

Examining Bogeys and Read-Throughs for This Week’s 2Q26 Earnings

CITI'S TAKE

Patrick Cunningham AC

With the 2Q reporting cycle kicking off, we examine investor feedback and +1-212-816-6684

bogeys on companies reporting this week. patrick.cunningham@citi.com

Alexander YiThis Week’s Earnings Schedule — AXTA, ECL, and SHW report on Tuesday, 7/28

BMO, while PPG reports on Tuesday, 7/28 AMC. FMC reports on Wednesday, 7/29 +1-212-816-4220

AMC. APD reports on Thursday, 7/30 BMO, followed by CTVA and EMN reporting on alexander.yi@citi.com

Thursday, 7/30 AMC. LIN and LYB both report on Friday, 7/31 BMO.

Rachel Lee

Dow Takeaways and Read-Throughs to Commodity Chems — Dow issued a 3Q +1-212-816-4559

guidance underpinned on ~10c global integrated margin decline reflecting ~15cpp rachel.lee@citi.com

NAM PE price decrease in June and assuming no further price movement. The PE

market remains highly volatile as crude prices continue to fluctuate. While Dow

currently has ~5cpp increase in July on the table, this is not incorporate into its

guidance. Management highlighted several constructive market dynamics,

including rising China PE spot prices alongside declining inventories, as well as

stronger July order activity supported by resilient packaging demand. Dow’s

Hydrocarbons & Energy segment operated at ~84% global operating rates in 2Q due

to planned maintenance outages, with operating rates expected to improve to above

90% in 3Q. While CMA currently forecasts a -10cpp PE decline in July, we believe

renewed escalation of the ME conflict is now the primary driving force of near-term

commodity pricing outlook.