Plus   Neg

Dow Q1 Profit Drops - Quick Facts

Dow Inc. (DOW) reported that its first-quarter net income available for common stockholders dropped to $239 million or $0.32 per share from $556 million or $0.74 per share last year.

Earnings per share from continuing operations grew to $0.32 from $0.16 in the previous year.

Operating earnings per share for the latest-quarter were $0.59.Analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share for the quarter. Analysts' estimates typically exclude special items. Operating earnings per share excluded significant items in the quarter, totaling $0.27 per share, related to restructuring and asset related charges; early extinguishment of debt; and integration and separation costs.

Net sales for the quarter declined to $9.77 billion from $10.97 billion in the prior year. Analysts expected revenues of $9.73 billion for the quarter.

Net sales were down 11% versus pro forma results in the year-ago period, primarily driven by lower local prices in all operating segments due to a decline in global energy prices.

The company said it further reduces its capital expenditure target to $1.25 billion, representing a $750 million reduction versus 2019; trims operating expenses by $350 million; and unlocking another $500 million from working capital.

In addition, the company is temporarily idling select manufacturing units to balance production to demand across markets more severely affected by restrained economic activity.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Moderna said Tuesday that it has reached an agreement with the U.S. to initially supply 100 million doses of its experimental vaccine for COVID-19, mRNA-1273. The U.S. government has awarded up to $1.525 billion for the vaccine. Las Vegas, Nevada-based Mr. Wok Foods has recalled about 200,000 pounds of meat and poultry products for misbranding and undeclared allergens, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS said. The recalled products may contain known allergens such as milk, wheat, soy, peanuts, or oysters. They may also contain MSG, sesame products, or sulfites. The U.S. Food and Drug Administration approved the first oral drug to treat patients two months of age and older with spinal muscular atrophy (SMA) that can be taken at home. Roche subsidiary Genentech's Evrysdi (risdiplam) is also the second FDA-approved drug to treat this rare and often fatal genetic disease affecting muscle strength and movement.
Follow RTT