— Dow Inc. (NYSE: DOW) reported third-quarter 2019 operating earnings of $0.91 per share versus $0.73 per share expected.
— Net sales fell by 15% to $10.8 billion versus $10.74 billion expected. The results were hurt by lower local prices primarily due to declines in global energy prices.
— Volume declined by 2% as demand growth in packaging, polyurethanes and silicones applications was more than offset by lower hydrocarbon co-product sales and increased ethylene integration from the startup of new US Gulf Coast assets.
— Local price decreased by 12% due to lower polyethylene, hydrocarbon co-products, siloxanes, and isocyanates. Currency decreased sales by 1%.
— Packaging & Specialty Plastics sales dropped by 18% as a decline in Hydrocarbons & Energy hurt volume by 4% and a 13% decrease in local price.
— Sales of Industrial Intermediates & Infrastructure fell by 14% due to flat volume, a 13% drop in local price and lower currency.
— Performance Materials & Coatings sales decreased by 12% due to a 10% drop in local price, a 1% decline in volume and lower currency.
— Looking ahead, the company will continue to leverage its feedstock flexibility, advance lower-risk, higher-return growth investments, and achieve a stranded cost removal target.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.