Dow Full-Year Report 2023

 

  • GAAP loss per share was $0.15; operating earnings per share (EPS) was $0.43, compared to $0.46 in the year-ago period and $0.48 in the prior quarter. Operating EPS excludes significant items in the quarter, totaling $0.58 per share, primarily from a one-time non-cash settlement charge aligned to our pension de-risking plans.
  • Net sales were $10.6 billion, down 10% versus the year-ago period, reflecting declines in all operating segments due to slower global macroeconomic activity. Sales were down 1% sequentially, as price and volume gains in Packaging & Specialty Plastics were more than offset by seasonal demand declines in Performance Materials & Coatings.
  • Volume increased 2% versus the year-ago period, with gains across all regions except Asia Pacific, which was flat. Sequentially, volume decreased by 1%, including the impact on our Bahía Blanca, Argentina site due to a severe, unexpected storm in December.
  • Local price decreased 13% year-over-year, with declines in all operating segments, due to lower feedstock and energy costs. Sequentially, local prices was flat, reflecting modest gains in most regions.
  • Currency increased 1% year-over-year and was flat sequentially.
  • Equity losses were $7 million, compared to equity losses of $43 million in the year-ago period, primarily due to improved equity earnings at the Kuwait joint ventures. Sequentially, equity losses were flat.
  • GAAP net loss was $95 million. Operating EBIT was $559 million, down $42 million year-over-year, primarily driven by lower prices. Sequentially, Op. EBIT was down $67 million, as gains in Packaging & Specialty Plastics were more than offset by seasonally lower volumes in Performance Materials & Coatings.
  • Cash provided by operating activities – continuing operations was $1.6 billion, down $450 million year-over-year and down $30 million compared to the prior quarter. Free cash flow was $870 million.
  • Returns to shareholders totaled $616 million in the quarter, including $491 million in dividends and $125 million in share repurchases.
  • The Company delivered 2023 full-year net sales of $44.6 billion compared to $56.9 billion in 2022. GAAP net income was $660 million, down from $4.6 billion in 2022. Operating EBIT was $2.8 billion, down from $6.6 billion last year. Cash provided by operating activities – continuing operations was $5.2 billion compared to $7.5 billion in 2022. The Company delivered returns to shareholders of $2.6 billion through $2 billion in dividends and $625 million in share repurchases in 2023.

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