Dow posts slight loss as results improve from pandemic lows

摘要

Dow reported a loss of $1 million in the third quarter as results rebounded significantly from second-quarter pandemic lows. The company reported earnings of $347 million the same year-ago quarter and a loss of $217 million in the second quarter. Net sales were $9.7 billion, down 9.8% year-on-year (YOY) and up 16% sequentially from the second quarter. Reported adjusted earnings were 50 cts/share, down 46% YOY but well above analyst estimates of 33 cts/share on resilient demand in plastics and home care, improved demand in durables, and expense reductions, which were offset by lower price and margin compression. “We increased our operating rates to match rising demand as the recovery gained momentum,” says Dow CEO Jim Fitterling. “In polyethylene, we achieved pricing gains of 12% over the prior quarter as demand for packaging remained resilient, and in polyurethanes, we delivered higher volumes and margins underpinned by improving consumer durable demand.”