Dow reports first quarter 2024 results

MIDLAND, Mich., April 25, 2024

FINANCIAL HIGHLIGHTS

• GAAP earnings per share was $0.73; operating earnings per share (EPS)¹ was $0.56, compared to $0.58 in the year-ago period and $0.43 in the prior quarter. Operating EPS excludes significant items in the quarter, including income tax-related items and restructuring and efficiency costs, totaling $0.17 per share.
• Net sales were $10.8 billion, down 9% versus the year-ago period. Sales were up 1% sequentially, driven by gains in Performance Materials & Coatings and Industrial Intermediates & Infrastructure.
• Volume increased 1% versus the year-ago period, with gains in all regions except Europe, the Middle East, Africa and India (EMEAI). Excluding Hydrocarbons & Energy, volume increased 5% year-over-year. Sequentially, volume increased 1%, led by Performance Materials & Coatings. Excluding Hydrocarbons & Energy, volume increased 3% sequentially.
• Local price decreased 10% year-over-year. Sequentially, local price was flat, as modest gains in EMEAI were offset by slight declines in Asia Pacific and the U.S. & Canada.
• Currency was flat both year-over-year and sequentially.
• Equity earnings were $17 million, a $65 million improvement compared to the year-ago period and up $24 million sequentially, reflecting improvements in all of the Company's principal joint ventures.
• GAAP net income was $538 million. Operating EBIT¹ was $674 million, down $34 million year-over-year, driven by lower prices. Sequentially, Op. EBIT was up $115 million, reflecting gains in Performance Materials & Coatings and Industrial Intermediates & Infrastructure.
• Cash provided by operating activities – continuing operations was $460 million, down $71 million year-over-year and down $1.2 billion compared to the prior quarter due to a normal seasonal increase in working capital, as sales progressively increased during the quarter.
• Returns to shareholders totaled $693 million in the quarter, including $493 million in dividends and $200 million in share repurchases.

SUMMARY FINANCIAL RESULTS

	Three Months Ended Mar 31			Three Months Ended Dec 31
In millions, except per share amounts ARIVA.DE Börsen-Geflüster Werbung Weiter aufwärts? Kurzfristig positionieren in Dow ME3WZ3 Ask: 0,58 Hebel: 6,99 mit moderatem Hebel Zum Produkt Morgan Stanley Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie hier: ME3WZ3,. Beachten Sie auch die weiteren Hinweise zu dieser Werbung. Der Emittent ist berechtigt, Wertpapiere mit open end-Laufzeit zu kündigen. Kurse Dow 53,29 € +1,27%	1Q24	1Q23	vs. SQLY [B / (W)]	4Q23	vs. PQ [B / (W)]
Net Sales	$10,765	$11,851	$(1,086)	$10,621	$144
GAAP Income (Loss), Net of Tax	$538	$(73)	$611	$(95)	$633
Operating EBIT¹	$674	$708	$(34)	$559	$115
Operating EBIT Margin¹	6.3 %	6.0 %	30 bps	5.3 %	100 bps
Operating EBITDA¹	$1,394	$1,356	$38	$1,216	$178
GAAP Earnings (Loss) Per Share	$0.73	$(0.13)	$0.86	$(0.15)	$0.88
Operating Earnings Per Share¹	$0.56	$0.58	$(0.02)	$0.43	$0.13
Cash Provided by Operating Activities – Cont. Ops	$460	$531	$(71)	$1,628	$(1,168)

CEO QUOTE

Jim Fitterling, chair and chief executive officer, commented on the quarter:

"In the first quarter, we captured improving demand, maintained pricing and benefited from lower feedstock and energy costs. The strength of our cost-advantaged positions around the world led to higher operating rates. As a result, Team Dow delivered volume growth and margin expansion sequentially across our diverse portfolio. We also delivered on our capital allocation priorities, including returning $693 million in cash to shareholders during the quarter."

"Dow once again delivered top-quartile performance in our annual benchmarking on three-year average cash flow, margins, return on invested capital and shareholder remuneration. Each of these can be attributed to our consistent operating and financial discipline." 

SEGMENT HIGHLIGHTS

Packaging & Specialty Plastics

	Three Months Ended Mar 31			Three Months Ended Dec 31
In millions, except margin percentages	1Q24	1Q23	vs. SQLY [B / (W)]	4Q23	vs. PQ [B / (W)]
Net Sales	$5,430	$6,114	$(684)	$5,641	$(211)
Operating EBIT	$605	$642	$(37)	$664	$(59)
Operating EBIT Margin	11.1 %	10.5 %	60 bps	11.8 % Werbung Mehr Nachrichten zur Dow Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire Bisichi Plc - Final Results 02:00 - PR Newswire Carnival PLC - Carnival Announces Closing of €500 Million 5.75% Senior Unsecured Notes Offering; Repricing of Senior Secured First Lien Term Loan B Facilities as Part of Ongoing Debt and Interest Expense Reduction 25.04.24 - PR Newswire Fidelity Emerging Markets Ltd - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59