Dow posted second-quarter net income of USD1.7 billion, down 13% year-on-year (YOY) as price increases as well as earnings recovery in performance materials and coatings were more than offset by sharp hikes in raw material and energy costs, said the company.
Reported earnings were USD2.31/share, down 15% YOY but 8% above the mean consensus estimate. Net sales were USD15.7 billion for the quarter, up 13% YOY with gains in all operating segments and regions.
Gains in the Performance Materials & Coatings segment were more than offset by higher raw material and energy costs across the company, as well as lower equity earnings.
Sequentially, Q2 operating EBIT fell 2% from Q1, with gains in Packaging & Specialty Plastics more than offset by declines in Industrial Intermediates & Infrastructure.
Net sales rose 13% year on year to a USD15.7bn, with gains in all operating segments and regions. Sequentially, sales were up 3% with gains in all regions except Asia Pacific, which was impacted by pandemic-related lockdowns in China, the company said.
We remind, Dow, recycler KW Plastics of Troy, Alabama; molder Core Technology Molding Corp. of Greensboro, North Carolina; and sustainable golf company Evolve Golf of Wilmington, North Carolina, collaborated to reuse high-density polyethylene (HDPE) plastic mesh fencing from the previous year’s GLBI in the form of 20,000 ball markers and 5,500 divot tools for this year’s event.
mrchub.com