Three major materials firms reported strong full-year financial results for 2021 this week.
LyondellBasell Industries of Houston saw full-year sales jump almost 67 percent to $46.2 billion, with 2021 profit at $5.6 billion, four times its 2020 level.
The firm's Olefins & Polyolefins-Americas unit, including polyethylene and polypropylene resins, saw sales for the year more than double to $15 billion, with operating profit up almost four times to $4.6 billion.
LBI's Advanced Polymer Systems unit, North America's largest plastics compounder, posted sales for the year of $5.1 billion, up almost 31 percent, and operating profit of $286 million, up more than 26 percent.
In a news release, interim CEO Ken Lane said that LBI "achieved record profitability in 2021 supported by robust demand, tight markets and the company's recent growth investments." He added that the firm's profit margins "reached all-time highs across many of LyondellBasell's businesses despite global supply chain disruptions and the spread of new COVID variants."
Eastman Chemical Co. of Kingsport, Tenn., saw its 2021 sales grow more than 23 percent to $10.5 billion. The firm's profit also surged 77 percent to $867 million.
Eastman's Advanced Materials unit, including Tritan-brand copolyester, posted sales of just over $3 billion in 2021, up more than 20 percent. The unit's earnings before interest and taxes also grew more than 21 percent to $519 million for the year.
"Eastman made tremendous progress in 2021, delivering record sales revenue and adjusted [earnings per share] for the year," CEO and Chairman Mark Costa said in a news release. "We are continuing to leverage our innovation-driven growth model to grow faster than our end markets."