Dow Inc. reported its third-quarter 2024 financial results on October 24, 2024, with net sales reaching $10.9 billion, a 1% increase compared to the prior year period. Despite this, GAAP net income decreased by $87 million year-over-year to $240 million, while operating EBIT saw a modest increase of $15 million to $641 million. Operating earnings per share stood at $0.47, a slight decrease from $0.48 in the year-ago quarter.
The company achieved its fourth consecutive quarter of year-over-year volume growth, even as it navigated macroeconomic softness in Europe and China, alongside an unplanned cracker outage in Texas. In response to ongoing challenges, Dow announced a strategic review of select European assets, primarily within its Polyurethanes business, representing approximately 20% of sales in the EMEAI region. This review is expected to conclude by mid-2025.
Dow also advanced its long-term growth strategy by signing a long-term agreement with Linde for the supply of clean hydrogen for its Path2Zero project. Additionally, the company completed the acquisition of U.S.-based polyethylene recycler Circulus, which adds 50,000 metric tons of recycled materials annually to its portfolio. For the fourth quarter, management anticipates EBITDA to be approximately $1.3 billion, driven by sequential improvements in polyethylene integrated margins and contributions from new growth investments.
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