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Mar 31, 2023
Dow Q1 2023 Earnings Report
Dow's first quarter 2023 results were reported, reflecting resilience in a challenging macroeconomic environment through strategic cost management and focus on high-value products.
Key Takeaways
Dow reported a GAAP loss per share of $0.13 and operating earnings per share of $0.58. Net sales were $11.9 billion, a 22% decrease compared to the year-ago period. The company focused on cost savings and aligned operating rates with market dynamics to maximize cash flow generation.
GAAP loss per share was $0.13; operating earnings per share (EPS) was $0.58, compared to $2.34 in the year-ago period.
Net sales were $11.9 billion, down 22% versus the year-ago period, reflecting declines in all operating segments driven by slower global macroeconomic activity.
Cash provided by operating activities – continuing operations was $531 million.
Returns to shareholders totaled $621 million in the quarter, including $496 million in dividends and $125 million in share repurchases.
Dow
Dow
Dow Revenue by Segment
Revenue by Segment
Packaging & Specialty Revenue
CapyFin.comIndustrial Intermediates Revenue
CapyFin.comPerformance Materials Revenue
CapyFin.comCorporate Revenue
CapyFin.com Forward Guidance
Looking to the remainder of the year, Dow expects the benefit of its operational and cost actions to continue to build as they progress through 2023. They will remain flexible, responding quickly as conditions evolve and expect oil and gas spreads to further support their strategic cost-advantaged positions.
Positive Outlook
- Consistent and disciplined execution enhances ability to navigate the impact of higher inflation on consumer demand and soft global economic activity.
- Benefit of operational and cost actions to continue to build as we progress through 2023.
- Remain flexible, responding quickly as conditions evolve.
- Expect oil and gas spreads to further support our strategic cost-advantaged positions.
- Underlying long-term growth fundamentals in our market verticals remain intact.
Challenges Ahead
- Impact of higher inflation on consumer demand.
- Soft global economic activity.
- Challenging macroeconomic conditions.
- Lower local polyethylene prices
- Lower industrial and consumer packaging sales volumes in EMEAI and Asia Pacific.
Revenue & Expenses
Visualization of income flow from segment revenue to net income