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
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.