MIDLAND,
Mich., Jan. 25, 2024 /PRNewswire/ -- Dow
(NYSE: DOW):
FINANCIAL HIGHLIGHTS
- GAAP loss per share was $0.15;
operating earnings per share (EPS)1 was $0.43, compared to $0.46 in the year-ago period and $0.48 in the prior quarter. Operating EPS
excludes significant items in the quarter, totaling $0.58 per share, primarily from a one-time
non-cash settlement charge aligned to our pension de-risking
plans.
- Net sales were $10.6 billion,
down 10% versus the year-ago period, reflecting declines in all
operating segments due to slower global macroeconomic activity.
Sales were down 1% sequentially, as price and volume gains in
Packaging & Specialty Plastics were more than offset by
seasonal demand declines in Performance Materials &
Coatings.
- Volume increased 2% versus the year-ago period, with gains
across all regions except Asia
Pacific, which was flat. Sequentially, volume decreased by
1%, including the impact to our Bahía Blanca, Argentina site due to a severe, unexpected
storm in December.
- Local price decreased 13% year-over-year, with declines in all
operating segments, due to lower feedstock and energy costs.
Sequentially, local price was flat, reflecting modest gains in most
regions.
- Currency increased 1% year-over-year and was flat
sequentially.
- Equity losses were $7 million,
compared to equity losses of $43
million in the year-ago period, primarily due to improved
equity earnings at the Kuwait
joint ventures. Sequentially, equity losses were flat.
- GAAP net loss was $95 million.
Operating EBIT1 was $559
million, down $42 million
year-over-year, primarily driven by lower prices. Sequentially, Op.
EBIT was down $67 million, as gains
in Packaging & Specialty Plastics were more than offset by
seasonally lower volumes in Performance Materials &
Coatings.
- Cash provided by operating activities – continuing operations
was $1.6 billion, down $450 million year-over-year and down $30 million compared to the prior quarter. Free
cash flow1 was $870
million.
- Returns to shareholders totaled $616
million in the quarter, including $491 million in dividends and $125 million in share repurchases.
- The Company delivered 2023 full year net sales of $44.6 billion compared to $56.9 billion in 2022. GAAP net income was
$660 million, down from $4.6 billion in 2022. Operating EBIT was
$2.8 billion, down from $6.6 billion last year. Cash provided by
operating activities – continuing operations was $5.2 billion compared to $7.5 billion in 2022. The Company delivered
returns to shareholders of $2.6
billion through $2 billion in
dividends and $625 million in share
repurchases in 2023.
SUMMARY FINANCIAL RESULTS
|
Three Months Ended
Dec 31
|
Three Months Ended
Sept 30
|
In millions,
except per share amounts
|
4Q23
|
4Q22
|
vs.
SQLY
[B /
(W)]
|
3Q23
|
vs.
PQ
[B /
(W)]
|
Net
Sales
|
$10,621
|
$11,859
|
$(1,238)
|
$10,730
|
$(109)
|
GAAP Income (Loss),
Net of Tax
|
$(95)
|
$647
|
$(742)
|
$327
|
$(422)
|
Operating
EBIT¹
|
$559
|
$601
|
$(42)
|
$626
|
$(67)
|
Operating EBIT
Margin¹
|
5.3 %
|
5.1 %
|
20 bps
|
5.8 %
|
(50) bps
|
Operating
EBITDA¹
|
$1,216
|
$1,255
|
$(39)
|
$1,283
|
($67)
|
GAAP Earnings (loss)
Per Share
|
$(0.15)
|
$0.85
|
$(1.00)
|
$0.42
|
$(0.57)
|
Operating Earnings
Per Share¹
|
$0.43
|
$0.46
|
$(0.03)
|
$0.48
|
$(0.05)
|
Cash Provided by
Operating
Activities – Cont. Ops
|
$1,628
|
$2,078
|
$(450)
|
$1,658
|
$(30)
|
- Op. Earnings Per Share, Op. EBIT, Op. EBIT Margin, Op. EBITDA,
Free Cash Flow and Cash Flow Conversion are non-GAAP measures. See
page 5 for further discussion.
CEO QUOTE
Jim Fitterling, chair and chief
executive officer, commented on the quarter:
"In the fourth quarter, Team Dow continued to advance our
strategic, financial and operational priorities in a challenging
and dynamic macroeconomic environment. We saw year-over-year volume
improvements in the quarter, delivered our goal of $1 billion
in targeted cost actions for the year, and took actions to further
de-risk our pension plans. With our continued focus on cash
generation, we achieved a cash flow to EBITDA conversion of 96% in
2023, which enabled free cash flow of $870 million and returns
to shareholders of $616 million in the quarter. We also hit a
key milestone towards advancing our long-term Decarbonize &
Grow strategy with the final investment decision for our Path2Zero
project in Fort Saskatchewan,
Alberta, where construction will begin this year. The
strength of our balance sheet allows us to navigate the bottom of
the cycle and have the strength to invest and capitalize on the
next upside in the global economy."
SEGMENT HIGHLIGHTS
Packaging & Specialty Plastics
|
Three Months Ended
Dec 31
|
Three Months Ended
Sept 30
|
In millions,
except margin
percentages
|
4Q23
|
4Q22
|
vs.
SQLY
[B /
(W)]
|
3Q23
|
vs.
PQ
[B /
(W)]
|
Net
Sales
|
$5,641
|
$6,073
|
$(432)
|
$5,454
|
$187
|
Operating
EBIT
|
$664
|
$655
|
$9
|
$476
|
$188
|
Operating EBIT
Margin
|
11.8 %
|
10.8 %
|
100 bps
|
8.7 %
|
310 bps
|
Equity
Earnings
|
$40
|
$56
|
$(16)
|
$50
|
$(10)
|
Packaging & Specialty Plastics segment net sales in the
quarter were $5.6 billion, down 7%
versus the year-ago period. Local price decreased 11%
year-over-year, driven by lower prices globally. Currency increased
net sales
by 1%. Volume increased 3% year-over-year, led by higher packaging
demand, primarily in the U.S. & Canada and Latin
America. On a sequential basis, net sales increased by 3%
led by higher merchant sales of hydrocarbons, as well as higher
polyethylene prices in all regions.
Equity earnings were $40 million,
down $16 million compared to the
year-ago period and down $10 million
on a sequential basis, primarily due to planned maintenance
turnaround activity at the Thai joint ventures.
Operating EBIT was $664 million, an increase of
$9 million compared to the year-ago period. Sequentially,
Op. EBIT increased by $188 million,
driven by higher integrated polyethylene margins, the impact of
planned maintenance turnaround activity in the third quarter, and
higher licensing revenue.
Packaging and Specialty Plastics business reported a net sales
decline versus the year-ago period, as higher demand for industrial
and consumer packaging in all regions was more than offset by lower
polyethylene prices. Sequentially, net sales increased slightly due
to higher polyethylene prices and licensing revenue, which were
partially offset by reduced polyethylene supply availability.
Hydrocarbons & Energy business reported a net sales decline
compared to the year-ago period, primarily driven by lower
third-party power and steam sales in the U.S. & Canada and Europe, the Middle
East, Africa and
India (EMEAI). Sequentially, net
sales increased due to higher merchant olefins and aromatics sales,
primarily in the U.S. & Canada.
Industrial Intermediates & Infrastructure
|
Three Months Ended
Dec 31
|
Three Months Ended
Sept 30
|
In millions,
except margin
percentages
|
4Q23
|
4Q22
|
vs.
SQLY
[B /
(W)]
|
3Q23
|
vs.
PQ
[B /
(W)]
|
Net
Sales
|
$2,948
|
$3,653
|
$(705)
|
$3,035
|
$(87)
|
Operating
EBIT
|
$15
|
$164
|
$(149)
|
$21
|
$(6)
|
Operating EBIT
Margin
|
0.5 %
|
4.5 %
|
(400)
bps
|
0.7 %
|
(20) bps
|
Equity
Losses
|
$(57)
|
$(96)
|
$39
|
$(63)
|
$6
|
Industrial Intermediates & Infrastructure segment net sales
were $2.9 billion, down 19% versus
the year-ago period. Local price declined 17% year-over-year.
Volume was down 2% year-over-year driven by reduced supply
availability. On a sequential basis, net sales declined 3% as
seasonal increases in deicing fluid demand and volume gains in
mobility were more than offset by seasonally lower volumes in
building & construction as well as local price declines,
primarily in EMEAI.
Equity losses for the segment were $57
million, compared to equity losses of $96 million in the year-ago period, primarily
driven by improved equity earnings at the Kuwait joint ventures. Sequentially, equity
losses improved by $6 million,
primarily driven by improved equity earnings at the Kuwait joint ventures, which were partly
offset by reduced equity earnings at Sadara.
Operating EBIT was $15 million,
compared to $164 million in the
year-ago period, driven by lower local prices in both businesses
and reduced supply availability in Industrial Solutions. On a
sequential basis, Op. EBIT was down $6
million driven by seasonally lower volumes in building &
construction which were partly offset by seasonally higher demand
for deicing fluid and higher demand for mobility applications.
Polyurethanes & Construction Chemicals business
reported a net sales decrease compared to the year-ago period,
driven by lower prices in all geographic regions which were partly
offset by broad-based business and geographic volume gains.
Sequentially net sales declined, driven by lower local prices in
EMEAI.
Industrial Solutions business reported a decrease in net sales
compared to the year-ago period, driven by reduced supply
availability due to a continued outage at Louisiana Operations,
lower demand for industrial applications, and local price declines.
Sequentially, net sales declined as increased catalyst sales,
seasonally higher deicing fluid demand and higher demand for
mobility applications were more than offset by volume declines from
lower supply availability.
Performance Materials & Coatings
|
Three Months Ended
Dec 31
|
Three Months Ended
Sept 30
|
In millions,
except margin
percentages
|
4Q23
|
4Q22
|
vs.
SQLY
[B /
(W)]
|
3Q23
|
vs.
PQ
[B /
(W)]
|
Net
Sales
|
$1,894
|
$2,058
|
$(164)
|
$2,130
|
$(236)
|
Operating
EBIT
|
$(61)
|
$(130)
|
$69
|
$179
|
$(240)
|
Operating EBIT
Margin
|
(3.2) %
|
(6.3) %
|
310 bps
|
8.4 %
|
(1160)
bps
|
Equity
Earnings
|
$6
|
$4
|
$2
|
$5
|
$1
|
Performance Materials & Coatings segment net sales in the
quarter were $1.9 billion, down 8%
versus the year-ago period. Local price decreased 12%
year-over-year with declines in both businesses. Currency increased
net sales by 1%. Volume was up 3% year-over-year, driven by higher
volumes in project-driven building & construction end-markets.
On a sequential basis, net sales were down 11%, primarily driven by
seasonally lower volumes in both businesses.
Operating EBIT was a loss of $61 million, compared to a
loss of $130 million in the year-ago period, driven by lower
costs as well as reduced planned maintenance turnaround activity.
Sequentially, Op. EBIT decreased $240
million, primarily driven by seasonally lower volumes.
Consumer Solutions business reported a decrease in net
sales versus the year-ago period, primarily driven by lower
siloxanes prices. Sequentially, net sales declined, driven by
softer demand and seasonally lower volumes.
Coatings & Performance Monomers business reported a
decrease in net sales compared to the year-ago period, driven
by local price declines which were partly offset by higher volumes,
primarily in the U.S. & Canada
and EMEAI. Sequentially, net sales decreased, driven by seasonally
lower volumes in building & construction and traffic paint
end-markets.
OUTLOOK
"In 2024, we will maintain our commitment to financial and
operational discipline as we continue to navigate dynamic market
conditions. While we expect softness in industrial and durable
goods demand to continue in the first quarter, we are encouraged by
early positive signals in areas including construction, automotive
and consumer electronics," said Fitterling. "Our strong balance
sheet and cash generation give us the flexibility to cover all of
our capital allocation priorities as we progress through the
economic cycle and advance our Decarbonize & Grow and Transform
the Waste strategies. These projects are expected to deliver more
than $3 billion in underlying
earnings annually by 2030. Our cost-advantaged footprint,
leadership in attractive end markets, and strategic growth
investments position the Company well to create long-term
value."
Conference Call
Dow will host a live webcast of its quarterly earnings
conference call with investors to discuss its results, business
outlook and other matters today at 8:00 a.m.
ET. The webcast and slide presentation that accompany the
conference call will be posted on the events and presentations page
of investors.dow.com.
About Dow
Dow (NYSE: DOW) is one of the world's leading materials science
companies, serving customers in high-growth markets such as
packaging, infrastructure, mobility and consumer
applications. Our global breadth, asset integration and scale,
focused innovation, leading business positions and commitment to
sustainability enable us to achieve profitable growth and help
deliver a sustainable future. We operate manufacturing sites in
31 countries and employ approximately 35,900 people.
Dow delivered sales of approximately $45 billion in 2023.
References to Dow or the Company mean Dow Inc. and its
subsidiaries. Learn more about us and our ambition to be the most
innovative, customer-centric, inclusive and sustainable materials
science company in the world by visiting www.dow.com.
Cautionary Statement about Forward-Looking
Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of the federal securities laws,
including Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements often address expected future business and
financial performance, financial condition, and other matters, and
often contain words or phrases such as "anticipate," "believe,"
"estimate," "expect," "intend," "may," "opportunity," "outlook,"
"plan," "project," "seek," "should," "strategy," "target," "will,"
"will be," "will continue," "will likely result," "would" and
similar expressions, and variations or negatives of these words or
phrases.
Forward-looking statements are based on current assumptions and
expectations of future events that are subject to risks,
uncertainties and other factors that are beyond Dow's control,
which may cause actual results to differ materially from those
projected, anticipated or implied in the forward-looking statements
and speak only as of the date the statements were made. These
factors include, but are not limited to: sales of Dow's products;
Dow's expenses, future revenues and profitability; any global and
regional economic impacts of a pandemic or other public
health-related risks and events on Dow's business; any sanctions,
export restrictions, supply chain disruptions or increased economic
uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for
and availability of financing; unexpected barriers in the
development of technology, including with respect to Dow's
contemplated capital and operating projects; Dow's ability to
realize its commitment to carbon neutrality on the contemplated
timeframe, including the completion and success of its integrated
ethylene cracker and derivatives facility in Alberta, Canada; size of the markets for Dow's
products and services and ability to compete in such markets;
failure to develop and market new products and optimally manage
product life cycles; the rate and degree of market acceptance of
Dow's products; significant litigation and environmental matters
and related contingencies and unexpected expenses; the success of
competing technologies that are or may become available; the
ability to protect Dow's intellectual property in the United States and abroad; developments
related to contemplated restructuring activities and proposed
divestitures or acquisitions such as workforce reduction,
manufacturing facility and/or asset closure and related exit and
disposal activities, and the benefits and costs associated with
each of the foregoing; fluctuations in energy and raw material
prices; management of process safety and product stewardship;
changes in relationships with Dow's significant customers and
suppliers; changes in public sentiment and political leadership;
increased concerns about plastics in the environment and lack of a
circular economy for plastics at scale; changes in consumer
preferences and demand; changes in laws and regulations, political
conditions or industry development; global economic and capital
markets conditions, such as inflation, market uncertainty, interest
and currency exchange rates, and equity and commodity prices;
business or supply disruptions; security threats, such as acts of
sabotage, terrorism or war, including the ongoing conflicts between
Russia and Ukraine and in the Middle East; weather events and natural
disasters; disruptions in Dow's information technology networks and
systems, including the impact of cyberattacks; and risks related to
Dow's separation from DowDuPont Inc. such as Dow's obligation to
indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain
liabilities.
Where, in any forward-looking statement, an expectation or
belief as to future results or events is expressed, such
expectation or belief is based on the current plans and
expectations of management and expressed in good faith and believed
to have a reasonable basis, but there can be no assurance that the
expectation or belief will result or be achieved or accomplished. A
detailed discussion of principal risks and uncertainties which may
cause actual results and events to differ materially from such
forward-looking statements is included in the section titled "Risk
Factors" contained in the Company's Annual Report on Form 10-K for
the year ended December 31, 2022 and
the Company's subsequent Annual Reports on Form 10-K and Quarterly
Reports on Form 10-Q. These are not the only risks and
uncertainties that Dow faces. There may be other risks and
uncertainties that Dow is unable to identify at this time or that
Dow does not currently expect to have a material impact on its
business. If any of those risks or uncertainties develops into an
actual event, it could have a material adverse effect on Dow's
business. Dow Inc. and The Dow Chemical Company ("TDCC") assume no
obligation to update or revise publicly any forward-looking
statements whether because of new information, future events, or
otherwise, except as required by securities and other applicable
laws.
Non-GAAP Financial Measures
This earnings release includes information that
does not conform to GAAP and are considered non-GAAP measures.
Management uses these measures internally for planning, forecasting
and evaluating the performance of the Company's segments, including
allocating resources. Dow's management believes that these non-GAAP
measures best reflect the ongoing performance of the Company during
the periods presented and provide more relevant and meaningful
information to investors as they provide insight with respect to
ongoing operating results of the Company and a more useful
comparison of year-over-year results. These non-GAAP measures
supplement the Company's GAAP disclosures and should not be viewed
as alternatives to GAAP measures of performance. Furthermore, such
non-GAAP measures may not be consistent with similar measures
provided or used by other companies. Non-GAAP measures included in
this release are defined below. Reconciliations for these non-GAAP
measures to GAAP are provided in the Selected Financial Information
and Non-GAAP Measures section starting on page 11. Dow does not
provide forward-looking GAAP financial measures or a reconciliation
of forward-looking non-GAAP financial measures to the most
comparable GAAP financial measures on a forward-looking basis
because the Company is unable to predict with reasonable certainty
the ultimate outcome of pending litigation, unusual gains and
losses, foreign currency exchange gains or losses and potential
future asset impairments, as well as discrete taxable events,
without unreasonable effort. These items are uncertain, depend on
various factors, and could have a material impact on GAAP results
for the guidance period.
Operating Earnings Per Share is defined as
"Earnings per common share - diluted" excluding the after-tax
impact of significant items.
Operating EBIT is defined as earnings (i.e.,
"Income before income taxes") before interest, excluding the impact
of significant items.
Operating EBIT Margin is defined as Operating
EBIT as a percentage of net sales.
Operating EBITDA is defined as earnings (i.e.,
"Income before income taxes") before interest, depreciation and
amortization, excluding the impact of significant items.
Free Cash Flow is defined as "Cash provided by
operating activities - continuing operations," less capital
expenditures. Under this definition, Free Cash Flow represents the
cash generated by the Company from operations after investing in
its asset base. Free Cash Flow, combined with cash balances and
other sources of liquidity, represent the cash available to fund
obligations and provide returns to shareholders. Free Cash Flow is
an integral financial measure used in the Company's financial
planning process.
Cash Flow Conversion is defined as "Cash provided
by operating activities - continuing operations," divided by
Operating EBITDA. Management believes Cash Flow Conversion is an
important financial metric as it helps the Company determine how
efficiently it is converting its earnings into cash flow.
Operating Return on Invested Capital ("ROC") is
defined as net operating profit after tax, excluding the impact of
significant items, divided by total average capital, also referred
to as ROIC.
Dow Inc. and Subsidiaries
Consolidated Statements of
Income
|
|
In millions, except per
share amounts (Unaudited)
|
Three Months Ended
|
Twelve Months Ended
|
Dec 31,
2023
|
Dec 31,
2022
|
Dec 31,
2023
|
Dec 31,
2022
|
Net sales
|
$
10,621
|
$
11,859
|
$
44,622
|
$
56,902
|
Cost of
sales
|
9,646
|
10,656
|
39,742
|
48,338
|
Research and
development expenses
|
213
|
225
|
829
|
851
|
Selling, general and
administrative expenses
|
411
|
386
|
1,627
|
1,675
|
Amortization of
intangibles
|
81
|
80
|
324
|
336
|
Restructuring and
asset related charges (credits) - net
|
(21)
|
(68)
|
528
|
118
|
Equity in earnings
(losses) of nonconsolidated affiliates
|
(7)
|
(43)
|
(119)
|
268
|
Sundry income
(expense) - net
|
(482)
|
435
|
(280)
|
727
|
Interest
income
|
43
|
68
|
229
|
173
|
Interest expense and
amortization of debt discount
|
197
|
175
|
746
|
662
|
Income (loss) before
income taxes
|
(352)
|
865
|
656
|
6,090
|
Provision (credit) for
income taxes
|
(257)
|
218
|
(4)
|
1,450
|
Net income
(loss)
|
(95)
|
647
|
660
|
4,640
|
Net income
attributable to noncontrolling interests
|
10
|
34
|
71
|
58
|
Net income (loss)
available for Dow Inc. common stockholders
|
$ (105)
|
$ 613
|
$ 589
|
$ 4,582
|
|
|
|
|
|
Per common share
data:
|
|
|
|
|
Earnings (loss) per
common share - basic
|
$ (0.15)
|
$ 0.86
|
$ 0.82
|
$ 6.32
|
Earnings (loss) per
common share - diluted
|
$ (0.15)
|
$ 0.85
|
$ 0.82
|
$ 6.28
|
|
|
|
|
|
Weighted-average common
shares outstanding - basic
|
703.6
|
709.2
|
705.7
|
721.0
|
Weighted-average common
shares outstanding - diluted
|
703.6
|
713.0
|
709.0
|
725.6
|
Dow Inc. and Subsidiaries
Consolidated Balance Sheets
|
|
In millions, except
share amounts (Unaudited)
|
Dec 31,
2023
|
Dec 31,
2022
|
Assets
|
|
|
Current
Assets
|
|
|
Cash and cash
equivalents
|
$
2,987
|
$
3,886
|
Accounts and notes
receivable:
|
|
|
Trade (net of
allowance for doubtful receivables - 2023: $81; 2022:
$110)
|
4,718
|
5,611
|
Other
|
1,896
|
2,144
|
Inventories
|
6,076
|
6,988
|
Other current
assets
|
1,937
|
1,848
|
Total current
assets
|
17,614
|
20,477
|
Investments
|
|
|
Investment in
nonconsolidated affiliates
|
1,267
|
1,589
|
Other investments
(investments carried at fair value - 2023: $1,877; 2022:
$1,757)
|
2,740
|
2,793
|
Noncurrent
receivables
|
438
|
666
|
Total
investments
|
4,445
|
5,048
|
Property
|
|
|
Property
|
60,203
|
58,055
|
Less: Accumulated
depreciation
|
39,137
|
37,613
|
Net
property
|
21,066
|
20,442
|
Other Assets
|
|
|
Goodwill
|
8,641
|
8,644
|
Other intangible
assets (net of accumulated amortization - 2023: $5,374; 2022:
$5,022)
|
2,072
|
2,442
|
Operating lease
right-of-use assets
|
1,320
|
1,227
|
Deferred income tax
assets
|
1,486
|
960
|
Deferred charges and
other assets
|
1,323
|
1,363
|
Total other
assets
|
14,842
|
14,636
|
Total Assets
|
$
57,967
|
$
60,603
|
Liabilities and Equity
|
|
|
Current
Liabilities
|
|
|
Notes
payable
|
$
62
|
$
362
|
Long-term debt due
within one year
|
117
|
362
|
Accounts
payable:
|
|
|
Trade
|
4,529
|
4,940
|
Other
|
1,797
|
2,276
|
Operating lease
liabilities - current
|
329
|
287
|
Income taxes
payable
|
419
|
334
|
Accrued and other
current liabilities
|
2,704
|
2,770
|
Total current
liabilities
|
9,957
|
11,331
|
Long-Term
Debt
|
14,907
|
14,698
|
Other Noncurrent
Liabilities
|
|
|
Deferred income tax
liabilities
|
399
|
1,110
|
Pension and other
postretirement benefits - noncurrent
|
4,932
|
3,808
|
Asbestos-related
liabilities - noncurrent
|
788
|
857
|
Operating lease
liabilities - noncurrent
|
1,032
|
997
|
Other noncurrent
obligations
|
6,844
|
6,555
|
Total other noncurrent
liabilities
|
13,995
|
13,327
|
Stockholders'
Equity
|
|
|
Common stock
(authorized 5,000,000,000 shares of $0.01 par value
each;
issued 2023:
778,595,514 shares; 2022: 771,678,525 shares)
|
8
|
8
|
Additional paid-in
capital
|
8,880
|
8,540
|
Retained
earnings
|
21,774
|
23,180
|
Accumulated other
comprehensive loss
|
(7,681)
|
(7,139)
|
Treasury stock at cost
(2023: 76,302,081 shares; 2022: 66,798,605 shares)
|
(4,374)
|
(3,871)
|
Dow Inc.'s
stockholders' equity
|
18,607
|
20,718
|
Noncontrolling
interests
|
501
|
529
|
Total
equity
|
19,108
|
21,247
|
Total Liabilities and
Equity
|
$
57,967
|
$
60,603
|
Dow Inc. and Subsidiaries
Consolidated Statements of Cash
Flows
|
|
In millions (Unaudited)
For the years ended Dec 31,
|
2023
|
2022
|
Operating
Activities
|
|
|
Net income
|
$
660
|
$
4,640
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
Depreciation and
amortization
|
2,611
|
2,758
|
Provision (credit) for
deferred income tax
|
(1,222)
|
79
|
Earnings of
nonconsolidated affiliates less than (in excess of) dividends
received
|
387
|
696
|
Net periodic pension
benefit cost
|
548
|
23
|
Pension
contributions
|
(142)
|
(235)
|
Net gain on sales of
assets, businesses and investments
|
(70)
|
(19)
|
Restructuring and
asset related charges - net
|
528
|
118
|
Other net
loss
|
796
|
212
|
Changes in assets and
liabilities, net of effects of acquired and divested
companies:
|
|
|
Accounts and notes
receivable
|
1,161
|
1,187
|
Inventories
|
844
|
347
|
Accounts
payable
|
(734)
|
(1,255)
|
Other assets and
liabilities, net
|
(203)
|
(1,065)
|
Cash provided by
operating activities - continuing operations
|
5,164
|
7,486
|
Cash provided by (used
for) operating activities - discontinued operations
|
32
|
(11)
|
Cash provided by
operating activities
|
5,196
|
7,475
|
Investing
Activities
|
|
|
Capital
expenditures
|
(2,356)
|
(1,823)
|
Investment in gas
field developments
|
(215)
|
(190)
|
Purchases of
previously leased assets
|
(7)
|
(7)
|
Proceeds from sales of
property, businesses and consolidated companies, net of cash
divested
|
95
|
32
|
Acquisitions of
property and businesses, net of cash acquired
|
(114)
|
(228)
|
Investments in and
loans to nonconsolidated affiliates
|
(5)
|
(148)
|
Distributions and loan
repayments from nonconsolidated affiliates
|
2
|
52
|
Proceeds from sales of
ownership interests in nonconsolidated affiliates
|
63
|
11
|
Purchases of
investments
|
(2,288)
|
(1,366)
|
Proceeds from sales
and maturities of investments
|
1,958
|
747
|
Other investing
activities, net
|
(61)
|
(50)
|
Cash used for
investing activities
|
(2,928)
|
(2,970)
|
Financing
Activities
|
|
|
Changes in short-term
notes payable
|
(249)
|
253
|
Payments on short-term
debt greater than three months
|
—
|
(14)
|
Proceeds from issuance
of long-term debt
|
104
|
1,667
|
Payments on long-term
debt
|
(446)
|
(1,006)
|
Collections on
securitization programs
|
18
|
—
|
Purchases of treasury
stock
|
(625)
|
(2,325)
|
Proceeds from issuance
of stock
|
188
|
212
|
Transaction financing,
debt issuance and other costs
|
(2)
|
(24)
|
Employee taxes paid
for share-based payment arrangements
|
(42)
|
(35)
|
Distributions to
noncontrolling interests
|
(89)
|
(83)
|
Dividends paid to
stockholders
|
(1,972)
|
(2,006)
|
Cash used for
financing activities
|
(3,115)
|
(3,361)
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
(45)
|
(237)
|
Summary
|
|
|
Increase (decrease) in
cash, cash equivalents and restricted cash
|
(892)
|
907
|
Cash, cash equivalents
and restricted cash at beginning of year
|
3,940
|
3,033
|
Cash, cash equivalents
and restricted cash at end of year
|
$
3,048
|
$
3,940
|
Less: Restricted cash
and cash equivalents, included in "Other current assets"
|
61
|
54
|
Cash and cash
equivalents at end of year
|
$
2,987
|
$
3,886
|
Dow Inc. and Subsidiaries
Net Sales by Segment and Geographic
Region
|
|
Net Sales by Segment
|
Three Months Ended
|
Twelve Months Ended
|
In millions
(Unaudited)
|
Dec 31,
2023
|
Dec 31,
2022
|
Dec 31,
2023
|
Dec 31,
2022
|
Packaging &
Specialty Plastics
|
$ 5,641
|
$ 6,073
|
$
23,149
|
$
29,260
|
Industrial
Intermediates & Infrastructure
|
2,948
|
3,653
|
12,538
|
16,606
|
Performance Materials
& Coatings
|
1,894
|
2,058
|
8,497
|
10,764
|
Corporate
|
138
|
75
|
438
|
272
|
Total
|
$
10,621
|
$
11,859
|
$
44,622
|
$
56,902
|
U.S. &
Canada
|
$ 3,973
|
$ 4,367
|
$
16,640
|
$
20,945
|
EMEAI
1
|
3,312
|
3,808
|
14,537
|
19,631
|
Asia Pacific
|
2,094
|
2,347
|
8,266
|
10,344
|
Latin
America
|
1,242
|
1,337
|
5,179
|
5,982
|
Total
|
$
10,621
|
$
11,859
|
$
44,622
|
$
56,902
|
Net Sales Variance by Segment and
Geographic Region
|
Three Months Ended Dec 31, 2023
|
Twelve Months Ended Dec 31,
2023
|
|
Local
Price &
Product
Mix
|
Currency
|
Volume
|
Total
|
Local
Price &
Product
Mix
|
Currency
|
Volume
|
Total
|
|
Percent change from
prior year
|
|
Packaging &
Specialty Plastics
|
(11) %
|
1 %
|
3 %
|
(7) %
|
(16) %
|
— %
|
(5) %
|
(21) %
|
|
Industrial
Intermediates & Infrastructure
|
(17)
|
—
|
(2)
|
(19)
|
(14)
|
(1)
|
(9)
|
(24)
|
|
Performance Materials
& Coatings
|
(12)
|
1
|
3
|
(8)
|
(15)
|
(1)
|
(5)
|
(21)
|
|
Total
|
(13) %
|
1 %
|
2 %
|
(10) %
|
(16) %
|
— %
|
(6) %
|
(22) %
|
|
Total, excluding the
Hydrocarbons &
Energy business
|
(14) %
|
— %
|
3 %
|
(11) %
|
(15) %
|
(1) %
|
(4) %
|
(20) %
|
|
U.S. &
Canada
|
(11) %
|
— %
|
2 %
|
(9) %
|
(15) %
|
— %
|
(6) %
|
(21) %
|
|
EMEAI
1
|
(17)
|
2
|
2
|
(13)
|
(17)
|
—
|
(9)
|
(26)
|
|
Asia Pacific
|
(11)
|
—
|
—
|
(11)
|
(14)
|
(2)
|
(4)
|
(20)
|
|
Latin
America
|
(12)
|
—
|
5
|
(7)
|
(17)
|
—
|
4
|
(13)
|
|
Total
|
(13) %
|
1 %
|
2 %
|
(10) %
|
(16) %
|
— %
|
(6) %
|
(22) %
|
|
Net Sales Variance by Segment and Geographic
Region
|
Three Months Ended Dec 31, 2023
|
|
Local
Price &
Product
Mix
|
Currency
|
Volume
|
Total
|
|
Percent change from
prior quarter
|
|
Packaging &
Specialty Plastics
|
1 %
|
— %
|
2 %
|
3 %
|
|
Industrial
Intermediates & Infrastructure
|
(1)
|
(1)
|
(1)
|
(3)
|
|
Performance Materials
& Coatings
|
(1)
|
(1)
|
(9)
|
(11)
|
|
Total
|
— %
|
— %
|
(1) %
|
(1) %
|
|
Total, excluding the
Hydrocarbons & Energy business
|
— %
|
(1) %
|
(2) %
|
(3) %
|
|
U.S. &
Canada
|
1 %
|
— %
|
(1) %
|
— %
|
|
EMEAI
1
|
(1)
|
(1)
|
(1)
|
(3)
|
|
Asia Pacific
|
—
|
(1)
|
2
|
1
|
|
Latin
America
|
1
|
—
|
(5)
|
(4)
|
|
Total
|
— %
|
— %
|
(1) %
|
(1) %
|
|
- Europe, Middle East, Africa, and India.
Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP
Measures
|
|
Operating EBIT by Segment
|
|
Three Months Ended
|
Twelve Months Ended
|
In millions
(Unaudited)
|
|
Dec 31,
2023
|
Dec 31,
2022
|
Dec 31,
2023
|
Dec 31,
2022
|
Packaging &
Specialty Plastics
|
|
$ 664
|
$ 655
|
$ 2,700
|
$ 4,110
|
Industrial
Intermediates & Infrastructure
|
|
15
|
164
|
124
|
1,418
|
Performance Materials
& Coatings
|
|
(61)
|
(130)
|
219
|
1,328
|
Corporate
|
|
(59)
|
(88)
|
(265)
|
(266)
|
Total
|
|
$ 559
|
$ 601
|
$ 2,778
|
$ 6,590
|
|
|
|
|
|
|
Depreciation and Amortization by
Segment
|
|
Three Months Ended
|
Twelve Months Ended
|
In millions
(Unaudited)
|
|
Dec 31,
2023
|
Dec 31,
2022
|
Dec 31,
2023
|
Dec 31,
2022
|
Packaging &
Specialty Plastics
|
|
$ 324
|
$ 320
|
$ 1,285
|
$ 1,396
|
Industrial
Intermediates & Infrastructure
|
|
133
|
132
|
524
|
550
|
Performance Materials
& Coatings
|
|
195
|
197
|
778
|
789
|
Corporate
|
|
5
|
5
|
24
|
23
|
Total
|
|
$ 657
|
$ 654
|
$ 2,611
|
$ 2,758
|
|
|
|
|
|
|
Operating EBITDA by Segment
|
|
Three Months Ended
|
Twelve Months Ended
|
In millions
(Unaudited)
|
|
Dec 31,
2023
|
Dec 31,
2022
|
Dec 31,
2023
|
Dec 31,
2022
|
Packaging &
Specialty Plastics
|
|
$ 988
|
$ 975
|
$ 3,985
|
$ 5,506
|
Industrial
Intermediates & Infrastructure
|
|
148
|
296
|
648
|
1,968
|
Performance Materials
& Coatings
|
|
134
|
67
|
997
|
2,117
|
Corporate
|
|
(54)
|
(83)
|
(241)
|
(243)
|
Total
|
|
$ 1,216
|
$ 1,255
|
$ 5,389
|
$ 9,348
|
|
|
|
|
|
|
Equity in Earnings (Losses) of Nonconsolidated
Affiliates by Segment
|
|
Three Months Ended
|
Twelve Months Ended
|
In millions
(Unaudited)
|
|
Dec 31,
2023
|
Dec 31,
2022
|
Dec 31,
2023
|
Dec 31,
2022
|
Packaging &
Specialty Plastics
|
|
$
40
|
$
56
|
$ 130
|
$ 359
|
Industrial
Intermediates & Infrastructure
|
|
(57)
|
(96)
|
(276)
|
(91)
|
Performance Materials
& Coatings
|
|
6
|
4
|
20
|
10
|
Corporate
|
|
4
|
(7)
|
7
|
(10)
|
Total
|
|
$
(7)
|
$
(43)
|
$ (119)
|
$ 268
|
|
|
|
|
|
|
Reconciliation of "Net Income (Loss)" to "Operating
EBIT"
|
Three Months Ended
|
Twelve Months Ended
|
In millions
(Unaudited)
|
Sep 30,
2023
|
Dec 31,
2023
|
Dec 31,
2022
|
Dec 31,
2023
|
Dec 31,
2022
|
Net income
(loss)
|
$ 327
|
$
(95)
|
$ 647
|
$ 660
|
$ 4,640
|
+ Provision (credit)
for income taxes
|
90
|
(257)
|
218
|
(4)
|
1,450
|
Income (loss) before
income taxes
|
$ 417
|
$ (352)
|
$ 865
|
$ 656
|
$ 6,090
|
- Interest
income
|
44
|
43
|
68
|
229
|
173
|
+ Interest expense and
amortization of debt discount
|
192
|
197
|
175
|
746
|
662
|
- Significant
items
|
(61)
|
(757)
|
371
|
(1,605)
|
(11)
|
Operating EBIT
(non-GAAP)
|
$ 626
|
$ 559
|
$ 601
|
$ 2,778
|
$ 6,590
|
Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP
Measures
|
|
Significant Items Impacting Results for the Three
Months Ended Dec 31, 2023
|
In millions, except per
share amounts (Unaudited)
|
Pretax 1
|
Net
Income 2
|
EPS 3
|
Income Statement Classification
|
Reported
results
|
$ (352)
|
$ (105)
|
$
(0.15)
|
|
Less: Significant
items
|
|
|
|
|
Restructuring,
implementation and efficiency costs, and
asset related charges - net 4
|
(53)
|
(41)
|
(0.05)
|
Cost of sales ($55
million); R&D ($1 million);
SG&A ($18 million); offset by Restructuring
and asset related charges - net ($21 million)
|
Litigation related
charges, awards and adjustments 5
|
106
|
87
|
0.12
|
Sundry income (expense)
- net
|
Argentine peso
devaluation 6
|
(177)
|
(67)
|
(0.09)
|
Cost of sales ($68
million); Sundry income
(expense) - net ($109 million)
|
Pension settlement
charges 7
|
(642)
|
(493)
|
(0.70)
|
Sundry income (expense)
- net
|
Indemnifications and
other transaction related costs 8
|
9
|
9
|
0.01
|
Sundry income (expense)
- net
|
Income tax related
items 9
|
—
|
94
|
0.13
|
Provision for income
taxes
|
Total significant
items
|
$
(757)
|
$
(411)
|
$
(0.58)
|
|
Operating results
(non-GAAP)
|
$ 405
|
$ 306
|
$ 0.43
|
|
Significant Items Impacting Results for the Three
Months Ended Dec 31, 2022
|
In millions, except per
share amounts (Unaudited)
|
Pretax 1
|
Net
Income 2
|
EPS 3
|
Income Statement Classification
|
Reported
results
|
$ 865
|
$ 613
|
$ 0.85
|
|
Less: Significant
items
|
|
|
|
|
Digitalization program
costs
|
(76)
|
(64)
|
(0.09)
|
Cost of sales ($62
million); R&D ($2 million);
SG&A ($12 million)
|
Restructuring,
implementation costs and asset related
charges - net 10
|
(9)
|
(7)
|
(0.01)
|
Cost of sales ($7
million); R&D ($1 million);
SG&A ($1 million)
|
Russia / Ukraine
conflict charges 11
|
68
|
56
|
0.08
|
Restructuring and asset
related charges - net
|
Litigation related
charges, awards and adjustments 12
|
381
|
288
|
0.40
|
Sundry income (expense)
- net
|
Indemnifications and
other transaction related costs 8
|
7
|
7
|
0.01
|
Sundry income (expense)
- net
|
Total significant
items
|
$ 371
|
$ 280
|
$ 0.39
|
|
Operating results
(non-GAAP)
|
$ 494
|
$ 333
|
$ 0.46
|
|
- "Income (loss) before income taxes."
- "Net income (loss) available for Dow Inc. common stockholders."
The income tax effect on significant items was calculated based
upon the enacted tax laws and statutory income tax rates applicable
in the tax jurisdiction(s) of the underlying non-GAAP
adjustment.
- "Earnings per common share - diluted," which includes the
impact of participating securities in accordance with the two-class
method.
- Restructuring charges and implementation and efficiency costs
associated with the Company's 2023 Restructuring Program, partially
offset by a credit from a prior restructuring program.
- Related to a gain associated with a legal matter with Nova
Chemicals Corporation.
- Foreign currency losses and inventory valuation impacts related
to the devaluation of the Argentine peso by the Argentina government in December 2023.
- Non-cash settlement charges related to the purchase of
nonparticipating group annuity contracts for certain Company
pension plans in the United States
and Canada.
- Primarily related to charges associated with agreements entered
into with DuPont and Corteva as part of the separation and
distribution which, among other matters, provides for
cross-indemnities and allocations of obligations and liabilities
for periods prior to, at and after the completion of the
separation.
- Related to deferred tax assets in a foreign jurisdiction
partially offset by an adjustment to certain foreign tax
reserves.
- Includes restructuring charges, asset related charges, and
costs associated with implementing the Company's 2020 Restructuring
Program.
- Partial reversal of certain asset related reserves recorded in
the first quarter of 2022 related to the conflict between
Russia and Ukraine.
- Related to a gain associated with a legal matter with Nova
Chemicals Corporation and a gain related to an adjustment of the
Dow Silicones breast implant liability.
Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP
Measures
|
|
Significant Items Impacting Results for the Twelve
Months Ended Dec 31, 2023
|
In millions, except per
share amounts (Unaudited)
|
Pretax 1
|
Net
Income 2
|
EPS 3
|
Income Statement Classification
|
Reported
results
|
$ 656
|
$ 589
|
$ 0.82
|
|
Less: Significant
items
|
|
|
|
|
Restructuring,
implementation and efficiency costs, and
asset related charges - net 4
|
(741)
|
(583)
|
(0.81)
|
Cost of sales ($170
million); R&D ($4 million);
SG&A ($69 million); Restructuring and asset
related charges - net ($528 million); offset by
Sundry income (expense) - net ($30 million)
|
Litigation related
charges, awards and adjustments 5
|
(71)
|
(51)
|
(0.07)
|
Cost of sales ($177
million); offset by Sundry
income (expense) - net ($106 million)
|
Argentine peso
devaluation 6
|
(177)
|
(67)
|
(0.09)
|
Cost of sales ($68
million); Sundry income
(expense) - net ($109 million)
|
Pension settlement
charges 7
|
(642)
|
(493)
|
(0.70)
|
Sundry income (expense)
- net
|
Indemnifications and
other transaction related costs 8
|
26
|
29
|
0.04
|
Sundry income (expense)
- net
|
Income tax
related items 9
|
—
|
151
|
0.21
|
Provision for income
taxes
|
Total significant
items
|
$
(1,605)
|
$
(1,014)
|
$
(1.42)
|
|
Operating results
(non-GAAP)
|
$
2,261
|
$
1,603
|
$ 2.24
|
|
Significant Items Impacting Results for the Twelve
Months Ended Dec 31, 2022
|
In millions, except per
share amounts (Unaudited)
|
Pretax 1
|
Net
Income 2
|
EPS 3
|
Income Statement Classification
|
Reported
results
|
$
6,090
|
$
4,582
|
$ 6.28
|
|
Less: Significant
items
|
|
|
|
|
Digitalization program
costs
|
(230)
|
(183)
|
(0.25)
|
Cost of sales ($199
million); R&D ($6 million);
SG&A ($25 million)
|
Restructuring,
implementation costs and asset related
charges - net 10
|
(40)
|
(32)
|
(0.04)
|
Cost of sales ($30
million); R&D ($6 million);
SG&A ($4 million)
|
Russia / Ukraine
conflict charges 11
|
(118)
|
(86)
|
(0.11)
|
Restructuring and asset
related charges - net
|
Loss on early
extinguishment of debt
|
(8)
|
(6)
|
(0.01)
|
Sundry income (expense)
- net
|
Litigation related
charges, awards and adjustments 12
|
381
|
288
|
0.40
|
Sundry income (expense)
- net
|
Indemnifications and
other transaction related costs 8
|
4
|
4
|
0.01
|
Sundry income (expense)
- net
|
Income tax related
items
|
—
|
25
|
0.03
|
Provision for income
taxes
|
Total significant
items
|
$
(11)
|
$
10
|
$ 0.03
|
|
Operating results
(non-GAAP)
|
$
6,101
|
$
4,572
|
$ 6.25
|
|
- "Income before income taxes."
- "Net income available for Dow Inc. common stockholders." The
income tax effect on significant items was calculated based upon
the enacted tax laws and statutory income tax rates applicable in
the tax jurisdiction(s) of the underlying non-GAAP adjustment.
- "Earnings per common share - diluted," which includes the
impact of participating securities in accordance with the two-class
method.
- Restructuring charges and implementation and efficiency costs
associated with the Company's 2023 Restructuring Program, partially
offset by a credit from a prior restructuring program. Also
includes certain gains and losses associated with previously
impaired equity investments.
- Includes a loss associated with legacy agricultural products
groundwater contamination matters, partially offset by a gain
associated with a legal matter with Nova Chemicals
Corporation.
- Foreign currency losses and inventory valuation impacts related
to the devaluation of the Argentine peso by the Argentina government in December 2023.
- Non-cash settlement charges related to the purchase of
nonparticipating group annuity contracts for certain Company
pension plans in the United States
and Canada.
- Primarily related to charges associated with agreements entered
into with DuPont and Corteva as part of the separation and
distribution which, among other matters, provides for
cross-indemnities and allocations of obligations and liabilities
for periods prior to, at and after the completion of the
separation.
- Related to deferred tax assets in a foreign jurisdiction
partially offset by a remeasurement of uncertain tax positions, and
an adjustment to certain foreign tax reserves.
- Includes restructuring charges, asset related charges, and
costs associated with implementing the Company's 2020 Restructuring
Program.
- Asset related charges including inventory write-downs, bad debt
reserves, and impairments of other assets related to the conflict
between Russia and Ukraine.
- Related to a gain associated with a legal matter with Nova
Chemicals Corporation and a gain related to an adjustment of the
Dow Silicones breast implant liability.
Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP
Measures
|
|
Significant Items Impacting Results for the Three
Months Ended Sep 30, 2023
|
In millions, except per
share amounts (Unaudited)
|
Pretax 1
|
Net
Income 2
|
EPS 3
|
Income Statement Classification
|
Reported
results
|
$ 417
|
$ 302
|
$ 0.42
|
|
Less: Significant
items
|
|
|
|
|
Restructuring,
implementation and efficiency costs,
and asset related charges - net 4
|
(82)
|
(64)
|
(0.09)
|
Cost of sales ($52
million);
R&D ($1 million);
SG&A ($29 million)
|
Indemnification and
other transaction related costs 5
|
21
|
21
|
0.03
|
Sundry income (expense)
- net
|
Total significant
items
|
$
(61)
|
$
(43)
|
$
(0.06)
|
|
Operating results
(non-GAAP)
|
$ 478
|
$ 345
|
$ 0.48
|
|
- "Income before income taxes."
- "Net income available for Dow Inc. common stockholders." The
income tax effect on significant items was calculated based upon
the enacted tax laws and statutory income tax rates applicable in
the tax jurisdiction(s) of the underlying non-GAAP adjustment.
- "Earnings per common share - diluted," which includes the
impact of participating securities in accordance with the two-class
method.
- Restructuring charges and implementation and efficiency costs
associated with the Company's 2023 Restructuring Program.
- Primarily related to charges associated with agreements entered
into with DuPont and Corteva as part of the separation and
distribution which, among other matters, provides for
cross-indemnities and allocations of obligations and liabilities
for periods prior to, at and after the completion of the
separation.
Reconciliation of Free Cash
Flow
|
Three Months Ended
|
Twelve Months Ended
|
In millions
(Unaudited)
|
Dec 31,
2023
|
Dec 31,
2022
|
Dec 31,
2023
|
Dec 31,
2022
|
Cash provided by
operating activities - continuing operations (GAAP)
|
$
1,628
|
$
2,078
|
$
5,164
|
$
7,486
|
Capital
expenditures
|
(758)
|
(599)
|
(2,356)
|
(1,823)
|
Free Cash Flow
(non-GAAP)
|
$
870
|
$
1,479
|
$
2,808
|
$
5,663
|
Reconciliation of Cash Flow
Conversion
|
Three Months Ended
|
|
Mar 31,
2023
|
Jun 30,
2023
|
Sep 30,
2023
|
Dec 31,
2023
|
|
In millions
(Unaudited)
|
|
Cash provided by
operating activities - continuing operations (GAAP)
|
$ 531
|
$
1,347
|
$
1,658
|
$
1,628
|
|
Net income (loss)
(GAAP)
|
$
(73)
|
$ 501
|
$ 327
|
$
(95)
|
|
Cash flow from
operations to net income (GAAP) 1
|
N/A
|
268.9 %
|
507.0 %
|
N/A
|
|
Cash flow from
operations to net income - trailing twelve months (GAAP)
|
|
782.4 %
|
|
Operating EBITDA
(non-GAAP)
|
$
1,356
|
$
1,534
|
$
1,283
|
$
1,216
|
|
Cash Flow Conversion
(Cash flow from operations to Operating EBITDA)
(non-GAAP)
|
39.2 %
|
87.8 %
|
129.2 %
|
133.9 %
|
|
Cash Flow Conversion -
trailing twelve months (non-GAAP)
|
|
95.8 %
|
|
- Cash flow from operations to net income is not applicable for
the first and fourth quarters of 2023 due to a net loss for the
period.
For further
information, please contact:
|
|
|
Investors:
Pankaj Gupta
pgupta@dow.com
+1
989-638-5265
|
Media:
Rachelle
Schikorra
ryschikorra@dow.com
+1
989-638-4090
|
|
|
X: https://twitter.com/DowNewsroom
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SOURCE The Dow Chemical Company