Dow Q1 Report 2023
FINANCIAL HIGHLIGHTS
- 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. Sales were flat sequentially, as gains in Performance Materials
& Coatings and Packaging & Specialty Plastics offset declines in Industrial Intermediates & Infrastructure. - Volume decreased 11% versus the year-ago period, led by a 15% decline in Europe, the Middle East, Africa,
and India (EMEAI). Sequentially, volume increased by 2%, due to gains in Performance Materials & Coatings
and Packaging & Specialty Plastics. - Local price declined 10% versus the year-ago period and 4% sequentially, with declines in all operating
segments and regions due to industry supply additions amidst continued soft global economic conditions. - Currency decreased net sales by 1% year-over-year, and increased net sales by 2% sequentially.
- Equity losses were $48 million, compared to equity earnings of $174 million in the year-ago period, driven by
declines at the Company’s principal joint ventures. Equity losses were $43 million in the prior quarter.
Sequentially, the earnings decline was primarily driven by planned maintenance activity at Sadara. - GAAP net loss was $73 million. Operating EBIT1 was $708 million, down $1.7 billion versus the year-ago period, with declines in all operating segments due to lower local prices and reduced operating rates to match market dynamics. Sequentially, Op. EBIT was up $107 million, primarily driven by Performance Materials & Coatings.
