Dow Chemical on Thursday posted a net loss of $1 million for the July-September quarter, slumping from $347 million profit in the same quarter last year but narrowing from $225 million net loss in the second quarter. The company’s adjusted earnings per share (EPS) stood at $0.50 in the quarter, plunging by 45% from a year earlier but reversing a loss per share of $0.26 in the second quarter and beating analysts’ estimates of $0.33 EPS.
Sales volume declined 1% year-on-year but increased 9% quarter-on-quarter. Net sales were down 10% year-on-year to $9.7 billion but rebounded by 16% from the previous quarter. Meanwhile, prices fell % year-on-year but rose 5% quarter-on-quarter. Dow’s operating EBIT stood at $761 million, lower than $1.1 billion a year ago. Operating cash flow was $1.8 billion, relatively steady from a year earlier.
For the fourth quarter, Dow expects sales to remain steady in the range of $9.5 billion -9.8 billion. Revenue is expected to be flat to 5% in its Packaging & Specialty Plastics segment, flat to up 2% in Industrial Intermediates & Infrastructure division, and drop by 5-10% in Performance Materials & Coatings business.
