Dow Q1 Report 2022
FINANCIAL HIGHLIGHTS
- Net sales were $15.3 billion, up 28% versus the year-ago period, reflecting gains in all operating segments, businesses and regions. Sequentially, net sales were up 6%, driven by gains in Performance Materials & Coatings and Packaging & Specialty Plastics.
- Local price increased 28% versus the year-ago period, with gains in all operating segments, businesses and
regions. Sequentially, local price increased 2%, primarily driven by silicones and polyurethanes. - Volume increased 3% versus the year-ago period, with gains in all operating segments and in the U.S. &
Canada and Latin America. Sequentially, volume was also up 5%, reflecting strong demand for silicones and
polyethylene applications. - Equity earnings were $174 million, down $50 million from the year-ago period, primarily driven by impacts from planned maintenance activity at Sadara. Equity earnings were down $50 million from the prior quarter driven by lower polyethylene and MEG margins in Asia Pacific.
- GAAP Net Income was $1.6 billion. Operating EBIT1 was $2.4 billion, up $865 million from the year-ago period with gains in all operating segments. Sequentially, operating EBIT increased 7%, led by improvements in Performance Materials & Coatings and Industrial Intermediates & Infrastructure as higher prices and lower planned maintenance activity more than offset higher raw material and energy costs.
- Cash provided by operating activities – continuing operations was $1.6 billion, up $1.8 billion2 year-over-year
due to increased earnings and an elective pension contribution in the year-ago period. Sequentially, cash
provided by operating activities decreased $945 million as higher dividends from joint ventures were more than offset by working capital on increased sales and raw material costs. Free cash flow1 was $1.3 billion.
