- Dow Inc DOW reported Q4 FY22 adjusted EPS of $0.46, missing the Street estimates of $0.58.
- Operating EBIT fell 74% to $601 million, and EBITDA was down 57% to $1.26 billion, with declines in all operating segments due to lower pricing and reduced operating rates to match market dynamics.
- Net sales were down 17.4% Y/Y to $11.86 billion, missing the consensus of $12.01 billion, reflecting declines in all operating segments driven by slower GDP growth and customer destocking.
- Local price decreased 5% Y/Y, driven by Packaging & Specialty Plastics.
- Volume was down 8% Y/Y due to an 18% decline in EMEAI.
- Outlook: "While we see initial positive signs from moderating inflation in the U.S., improving outlook for energy in Europe, and re-opening in China, we continue to be prudent and proactive by implementing a playbook of targeted actions focused on optimizing labor and purchased service costs, reducing turnaround spending, and enhancing productivity. These actions are collectively expected to deliver $1 billion in cost savings," Chair and CEO Jim Fitterling said.
- Price Action: DOW shares are down 2.95% at $56.18 during the premarket session on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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