Dow Inc. (NYSE:DOW) -1.1% pre-market after reporting better than forecast Q2 earnings alongside a 14% Y/Y drop in revenues and cutting its full-year capex guidance by $500M, citing global trade and geopolitical uncertainties.
“We still see global growth, but the pace of that expansion has slowed, as buying patterns remain cautious due to ongoing trade and geopolitical uncertainties,” CEO Jim Fitterling says, as the company now expects $2B in capital spending for the year vs. its previous outlook for $2.5B.
Dow says Q2 profit of $75M fell 94% from the year-ago quarter, and operating earnings of $0.86/share fell from $1.41 a year ago but beat analyst consensus.
Q2 revenues fell 14% to $11B, mostly due to local price declines in polyethylene, siloxanes and isocyanates and lower sales of hydrocarbon co-products; sales volumes declined 3% vs. year-ago pro forma results, driven primarily by higher ethane feedstock usage and lower hydrocarbon co-product sales, due to increased ethylene integration from the startup of new downstream assets.
By: Carl Surran
Source: Seeking Alpha
We are closing the chapter of the Chemicals Import Export Headquarters, and opening a new chapter under the name of Qemetica – a chemical group driving many industries on all continents. Therefore, the change of name is also accompanied by the adoption of the key goals of the business strategy for the next 6 years. – says Kamil Majczak, President of the Management Board.
In its efforts to advance chemical recycling, Neste has successfully conducted its first processing trial run with a new challenging raw material, liquefied discarded tires. In the processing run, Neste produced high-quality raw material for new plastics and chemicals.
Sika is opening a state-of-the-art facility in Lima, Peru, to produce synthetic macro fibers, and expanding the rollout of a product range with great growth potential in Latin America. With this innovative technology, Sika is further strengthening its position as a leading supplier to the mining industry and a strong partner for infrastructure projects.
