Dow Swings to 1Q Profit Amid Volume Growth in Most Regions

Dow Jones04-25

By Denny Jacob

Dow posted slightly better-than-expected revenue despite declining in its latest quarter, with volume growth in key regions, excluding a select number, helping the company swing to a profit.

The chemical company posted $516 million in net income available for common shareholders, or 73 cents a share, for the first quarter ended March 31, compared with a loss of $93 million, or 13 cents a share, a year earlier. Adjusted earnings were 56 cents a share, above analysts' estimates of 45 cents a share.

Sales declined 9% to $10.77 billion from $11.85 billion. Analysts polled by FactSet had expected $10.71 billion.

Volume increased 1% from the prior-year period, with gains in all regions except Europe, the Middle East, Africa and India.

"In the first quarter, we captured improving demand, maintained pricing and benefited from lower feedstock and energy costs," said Chief Executive Jim Fitterling.

Fitterling added that in the near term demand in key end markets from packaging and mobility to energy applications are trending sequentially higher and in line with Dow's expectations at the start of the year.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

April 25, 2024 06:14 ET (10:14 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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