Arkema Reports Decline in Sales in Second Quarter 2023
In second quarter 2023 financial results, Arkema reported net sales of €2.4 billion, down by 23% compared to second quarter of last year. Volumes were down significantly, impacted by overall weak demand in most end markets and continued destocking. However, automotive, battery, and energy markets remained consistent. The company reported adjusted net income of €207 million, representing €2.77 per share, compared to €5.99 per share in the second quarter of 2022.
Chairman and CEO of Arkema, Thierry Le Hénaff commented, “In the second quarter, in an environment marked by a low level of activity in the continuity of the first quarter, Arkema’s performance was solid, reflecting the Group’s excellent positioning in high performance niche markets, as well as tight management of our operations. The teams delivered high-quality work, enabling us to confirm our annual targets in a macroeconomic context with low visibility that is showing little signs of improvement.