What's Going On With Chemical Giant Dow Shares Today?
- Financial Performance: Dow Inc reported first-quarter FY24 results with a 9% decline in sales year-over-year to $10.77 billion, beating consensus expectations.
- Segment Analysis: Sales were up 1% sequentially, driven by gains in Performance Materials & Coatings and Industrial Intermediates & Infrastructure segments.
- Earnings and Margins: Adjusted EPS was $0.56, above the consensus of $0.45, while operating EBIT declined to $674 million with an expanded margin of 6.3%.
- Cash Flow and Shareholder Returns: Cash provided by operating activities was $460 million, with free cash outflow at $(254) million. The company returned $693 million to shareholders in the quarter.
- Future Outlook: CEO Jim Fitterling mentioned positive trends in key end-markets and highlighted investments for earnings growth, enhanced shareholder value, and long-term strategies for decarbonization and waste transformation.
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Third-Quarter Performance: Dow Inc reported a 1% increase in sales to $10.88 billion, surpassing expectations, with adjusted EPS of $0.47. The company experienced growth in the U.S. and Canada, despite challenges in Europe and China.
Future Outlook: Dow anticipates fourth-quarter revenue around $10.70 billion and plans to focus on counter-cyclical growth investments aimed at higher-value businesses, projecting over $3 billion in underlying earnings by 2030.
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