Thu, Apr. 28, 3:24 PM
- Dow Chemical (DOW -0.4%) is slightly lower after reporting better than expected Q1 earnings as cost cutting helped lift margins to their highest in more than a decade.
- Dow cites local price declines in hydrocarbons and energy for Q1's 13.5% Y/Y revenue decline, as well as the stronger dollar which makes its products more expensive abroad; Q1 sales volumes rose 4%, led by gains of 5% in the China region and 13% in India, while average prices fell 12% Y/Y.
- Dow's operating margin expanded by 164 bps to 21.1% on an EBITDA basis in the quarter, but net income available to common shareholders fell 88%, mainly due to a charge related to the settlement of a class action suit.
- Chairman/CEO Andrew Liveris says he sees "strong demand signals in North America, gradual recovery in Europe and ongoing sustainable urbanization in China, [but] pockets of volatility will persist... most notably in Brazil."
- Dow says the merger with DuPont (DD -1.4%) is on schedule to close in “the back part of the year,” pending approval of Dow shareholders in a midyear vote.
- Now read DuPont sees SEC review of Dow Chemical deal ending by June 30
Thu, Apr. 28, 6:47 AM
Wed, Apr. 27, 5:30 PM
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Tue, Apr. 26, 3:16 AM
- Net profit rose to $1.2B from $1B a year earlier but adjusted operating earnings fell 4% to $1.11B.
- "Solid execution, local price and product mix gains, and higher corn area led to a strong start to the year for our (agriculture) business," says CEO Ed Breen. "Our other businesses generally performed well, slightly above our expectations."
- The increase in guidance comes after the dollar weakened against "most currencies" during the past three months.
- DuPont (NYSE:DD) hopes to complete its merger with Dow Chemical (NYSE:DOW) this year, pending approval from regulators.
Tue, Feb. 2, 8:44 AM
- Dow Chemical (NYSE:DOW) +2.7% premarket after reporting better than expected Q4 earnings, as its increased focus on higher margin businesses such as packaging and electronics by divesting low-margin assets pays off.
- Q4 revenues beat expectations but fell to $11.5B from $14.4B, due mostly to price declines and adverse foreign exchange rates, partially offset by a large gain on the $5B sale of its chlorine business as well as reduced overhead costs and lower research and development spending.
- The cost cuts helped Dow's operating margin increase by 406 bps to 20.9% in the quarter,while cost of sales fell 24% to $8.81B.
- Operating EBITDA at Dow's plastics business, its biggest by sales, was $1.3B, up from $1.2B a year ago, due to low crude costs.
- Dow also appoints James Fitterling as its President and COO; Fitterling is a 32-year Dowveteran, and previously held the position of Vice Chairman and COO.
Tue, Feb. 2, 6:52 AM
- Dow Chemical (NYSE:DOW): Q4 EPS of $0.93 beats by $0.23.
- Revenue of $11.35B (-21.1% Y/Y) beats by $150M.
Mon, Feb. 1, 5:30 PM
Oct. 22, 2015, 7:57 AM
- Dow Chemical (NYSE:DOW) +7.3% premarket after beating Q3 earnings estimates, raising its dividend and announcing plans to accelerate its stock buyback program.
- Dow says Q3 revenues fell 16% Y/Y to $12B, citing lower pricing and unfavorable currency moves; Dow generates two-thirds of its revenue outside the U.S., so the stronger U.S. dollar has hurt results in recent quarters.
- Q3 volume rose 2%, with gains in most operating segments, excluding Agricultural Sciences, led by Performance Plastics (up 5%) and Infrastructure Solutions and Consumer Solutions (both up 2%).
- Dow says it is increasing its quarterly dividend 10% to $0.46/share and will accelerate its three-year, $5B buyback program by repurchasing $1B worth of its stock in Q4 and the rest in 2016.
- Dow says it will review strategic options for its Dow AgroSciences business to "focus on creating new synergies in a consolidating agricultural market."
- Dow also will reduce stakes in two Kuwaiti joint ventures, cutting its stake in the MEGlobal JV by year-end and receiving pre-tax proceeds of $1.5B, and reduce its interest in the Greater EQUATE JV by mid-2016.
- Appoints James Fitterling as COO and becomes a vice chairman along with CFO Howard Ungerleider.
Oct. 22, 2015, 6:51 AM
- Dow Chemical (NYSE:DOW): Q3 EPS of $0.82 beats by $0.13.
- Revenue of $12.04B (-16.4% Y/Y) misses by $340M.
Oct. 21, 2015, 5:30 PM
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Jul. 23, 2015, 8:18 AM
- Dow Chemical (NYSE:DOW) +1.9% premarket after Q2 earnings beat expectations and operating margins rose for the 11th consecutive quarter, helped largely by low raw material costs at its plastics-making business.
- Lower prices for oil, used as a raw material for plastics in Europe, and propane, used for the same purpose in the U.S., contributed to higher earnings at the plastics unit, Dow’s largest business.
- Dow attributes its Y/Y revenue decline - including a 16% Y/Y sales drop in its plastics unit to $4.8B - to currency fluctuations and lower oil prices; overall revenues rose 4% Q/Q, including a 14% jump in China and a 6% increase in the U.S.
- Dow's margins have remained strong due to cost-cutting efforts, rising to almost 19% in Q2 from 15% a year ago; cost of sales fell 18%.
- Q2 cash flow from operations totals $2.7B YTD; the company returned $1.5B to stockholders in dividends and buybacks in the quarter.
- "We see growing momentum in construction, packaging and automotive markets outweighing some softness in agriculture and energy-related markets, and we are geographically positioned to grow where growth exists," CEO ANdrew Liveris says.
Jul. 23, 2015, 7:03 AM
- Dow Chemical (NYSE:DOW): Q2 EPS of $0.91 beats by $0.08.
- Revenue of $12.9B (-13.5% Y/Y) misses by $60M.
Jul. 22, 2015, 5:30 PM
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Apr. 29, 2015, 10:01 AM
- CLSA has downgraded Corning (GLW -3.1%) to Sell from Underperform a day after the company posted mixed Q1 results. The firm thinks LCD TV glass comps will be tougher in 2H15 - the division's revenue fell 13% Y/Y in Q1 thanks to a weak yen - and that high inventories and lower forex hedging gains will also act as headwinds.
- Meanwhile, the company's Dow Corning JV with Dow Chemical (DOW -0.6%) has posted its Q1 results: Revenue fell 11% Y/Y to $1.36B, and adjusted net income 8% to $101M.
- Weak sales of polysilicon (used in solar cell/module production) weighed on Dow Corning's results - the company blames "the timing of customers taking product under long-term contracts." Its silicones business "experienced volume growth in several of its highly specialized product lines, especially for materials sold in construction, healthcare and packaging applications," but also saw a 4.7% revenue growth impact from a strong dollar.
- The JV is less than 5 months removed from announcing it's shutting down a Clarksville, TN polysilicon plant, and taking a related $1.5B-$1.6B charge. On its CC (transcript), Corning stated it expects its share of Dow Corning's earnings will rise to $60M in Q2 (implies total adjusted net income of $120M) from $51M in Q1; silicones sales are expected to be flat Y/Y, and polysilicon sales lower.
Apr. 23, 2015, 8:21 AM
- Dow Chemical (NYSE:DOW) +1.5% premarket as Q1 earnings beat expectations, overshadowing a 14% Y/Y drop in revenue that was held back by lower selling prices, crude oil prices and negative currency impacts.
- Operating EBITDA margins rose nearly three percentage points to their highest level since 2005, as Dow's shift in focus to high-margin businesses such as performance plastics and infrastructure solutions from volatile commodity businesses paid off.
- Sales volumes rose in performance plastics, up 6%, and performance materials and chemicals and consumer solutions, both up 5%.
- Operating cash flow was $1.2B, a Q1 record and an increase of more than $660M from last year's Q1.
- Dow says it expects geopolitical and economic uncertainty throughout 2015, although it projects the oil market to be more favorable behind growing global demand in the coming quarters.
The Dow Chemical Co. manufactures and supplies products used primarily as raw materials in the manufacture of customer products and services. The company serves the industries, including appliance; automotive; agricultural; building and construction; chemical processing; electronics; furniture;... More
Sector: Basic Materials
Industry: Chemicals - Major Diversified
Country: United States
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