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Dow reports first-quarter loss as prices, margins decline

RubberWorld 14 Views

Midland, MI – Dow Inc. reported a wider loss in the first quarter as lower prices and margins offset gains in volume in some segments, according to its quarterly earnings release.

The company posted net sales of $9.8 billion for the quarter ended March 31, down 6% from the same period a year earlier. Dow reported a net loss of $445 million, or 74 cents per share, compared with a loss of $290 million, or 44 cents per share, in the year-ago period.

Operating EBIT totaled $154 million, down from $230 million a year earlier. On an adjusted basis, the company reported a loss of 14 cents per share, compared with earnings of 2 cents per share in the first quarter of 2025.

Dow said results were driven by lower local prices across all operating segments, which declined 7% overall, while volumes increased 2%. Currency effects had a minimal impact on sales.

In the Packaging & Specialty Plastics segment, net sales fell 7% to $4.9 billion. Operating EBIT declined to $208 million from $342 million a year earlier, reflecting lower prices, higher feedstock and energy costs, and increased planned maintenance activity.

The Industrial Intermediates & Infrastructure segment reported net sales of $2.6 billion, down 8% year over year. The segment posted an operating EBIT loss of $118 million, compared with a loss of $128 million in the same period last year, as lower costs and improved operating rates partially offset pricing pressure.

In Performance Materials & Coatings, net sales were essentially flat at $2.1 billion. Operating EBIT rose to $117 million from $52 million a year earlier, driven by higher volumes and lower fixed costs.

Dow said it generated $1.3 billion in operating cash flow during the quarter and ended the period with $3.1 billion in cash and cash equivalents. Capital expenditures totaled $653 million.

The company said it continues to focus on cost discipline, operational efficiency and cash flow generation amid ongoing macroeconomic uncertainty and demand softness in key markets.