Dow Inc. has released its second quarter 2024 financial results, revealing several key metrics and highlights. Here are some of the significant changes and figures from the report:
- GAAP earnings per share (EPS) was $0.62, while operating EPS was $0.68, compared to $0.75 in the year-ago period and $0.56 in the prior quarter.
- Net sales were $10.9 billion, down 4% versus the year-ago period but up 1% sequentially.
- Volume increased 1% versus the year-ago period, with gains led by the U.S. & Canada. Excluding hydrocarbons & energy, volume increased 4% year-over-year and 2% sequentially.
- Local price decreased 4% year-over-year but increased 1% sequentially.
- Equity earnings were $26 million, an $83 million improvement compared to the year-ago period and up $9 million sequentially.
- GAAP net income was $458 million, while operating EBIT was $819 million, down $66 million year-over-year but up $145 million sequentially.
- Cash provided by operating activities from continuing operations was $832 million, down $515 million year-over-year but up $372 million compared to the prior quarter.
- Returns to shareholders totaled $691 million in the quarter, including $491 million in dividends and $200 million in share repurchases.
In the Packaging & Specialty Plastics segment: Net sales were $5.5 billion, down 7% versus the year-ago period, but up 2% sequentially. Operating EBIT was $703 million, a decrease of $215 million compared to the year-ago period, but up $98 million sequentially. * Equity earnings were $55 million, an increase of $36 million compared to the prior year, and up $30 million sequentially.
In the Industrial Intermediates & Infrastructure segment: Net sales were $3 billion, down 7% versus the year-ago period and 2% sequentially. Operating EBIT was $7 million, an improvement of $42 million versus the year-ago period, but down $80 million sequentially.
In the Performance Materials & Coatings segment: Net sales were $2.2 billion, up 2% versus the year-ago period and 4% sequentially. Operating EBIT was $146 million, an improvement of $80 million compared to the year-ago period and up $105 million sequentially.
CEO Jim Fitterling commented on the quarter, noting sequential earnings improvement and the third consecutive quarter of year-over-year volume growth. He highlighted the slower pace of the global macroeconomic recovery while emphasizing the focus on cash generation and higher-return growth investments.
The company remains focused on delivering sequential earnings improvements while navigating the slower macro environment in the second half of the year.
The full financial report can be viewed on the investor relations section of Dow's website.
Dow Inc. is a leading materials science company, serving customers in high-growth markets such as packaging, infrastructure, mobility, and consumer applications.
For further details, please refer to Dow Inc.'s official communications. The market has reacted to these announcements by moving the company's shares -0.6% to a price of $52.99. Check out the company's full 8-K submission here.
