MW Dow sees sales, earnings drop while flagging adverse macroeconomic environment
Dow Inc. $(DOW)$ missed on second-quarter earnings Thursday morning, while flagging a slower-than-anticipated macroeconomic recovery. The materials-science company saw net income of $439 million, or 62 cents a share, compared with $485 million, or 68 cents a share, in the year-earlier period. The company recorded 68 cents in operating earnings per share, which it said excludes restructuring and efficiency costs. That compares with 75 cents in operating earnings per share during the year-earlier quarter. Analysts tracked by FactSet were modeling 71 cents on the metric in the latest quarter. Net sales dropped 4% from a year prior to $10.9 billion, whereas the FactSet consensus called for $11.0 billion. Sales gained 1% on a sequential basis, fueled by increases in performance materials and coatings as well as packaging and specialty plastics. "The pace of the global macroeconomic recovery has been slower than expected," Chief Executive Jim Fitterling said in a release. For the second half of the year, Dow is "is focused on continuing to deliver sequential earnings improvements while navigating through the slower macro environment we remain in." Some markets are seeing near-term demand build, he said. However, "building & construction and consumer durables are unlikely to significantly change in 2024."
-Emily Bary
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(END) Dow Jones Newswires
July 25, 2024 06:24 ET (10:24 GMT)
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