Dow has registered Q3 2024 net sales at US$ 10.9 billion, up 1% compared to the year-ago period, led by higher sales in the U.S. & Canada. Sales were flat sequentially.

During the quarter, volume increased 1% compared to the year-ago period, driven by gains in Performance Materials & Coatings. Sequentially, volume increased 1%, led by gains in Packaging & Specialty Plastics and Industrial Intermediates & Infrastructure.

Local price was flat year-over-year, as gains in Packaging & Specialty Plastics were offset by decreases in Performance Materials & Coatings. Sequentially, local price was down 1%, reflecting minor declines in all segments. Equity earnings were $2 million, up $9 million compared to the year-ago period. Sequentially, equity earnings were down $24 million.

GAAP net income was $240 million. Op. EBIT1 was $641 million, up $15 million year-over-year, primarily driven by higher integrated margins in Packaging & Specialty Plastics, which were partly offset by the impact of an unplanned cracker outage in Texas and higher planned maintenance activity.

Sequentially, Op. EBIT was down $178 million, reflecting the impact of the same unplanned cracker outage and lower local prices, primarily in Europe, the Middle East, Africa and India (EMEAI) and Asia Pacific.

Jim Fitterling, Chair and Chief Executive officer, commented on the quarter: "In the third quarter, Team Dow delivered our fourth consecutive quarter of year-over-year volume growth, while managing ongoing macroeconomic softness and an unplanned cracker outage in Texas. Our cost-advantaged footprint in the Americas continues to provide a strong competitive edge, enabling Dow to capture demand growth in attractive markets. However, a meaningful recovery has yet to materialize in Europe and China. In addition, Europe's regulatory environment has led to increasing challenges across many sectors and value chains. Since 2023, we have proactively taken targeted actions to optimize our global asset footprint. Consistent with our best-owner mindset, we are announcing a strategic review of select assets in Europe, primarily those in our Polyurethanes business. We will continue to optimize our global footprint, while maximizing cash generation as we make progress on our higher-return investments that will drive long-term shareholder value."

Outlook

"Looking forward, we continue to operate with discipline as we capitalize on areas of demand strength and leverage our global scale and advantaged cost positions," said Fitterling. "As cycle dynamics improve, we remain well-positioned to enable higher returns to shareholders. Our financial strength will continue to support our counter-cyclical growth investments, which are focused in higher-value businesses and regions, particularly where demand is resilient and we have a competitive cost advantage. Altogether, these investments are expected to deliver more than $3 billion in underlying earnings by 2030."