DowDuPont said late Thursday that first-quarter operating EBITDA was “down high-teens percent” versus previous guidance of a low-teens percent decline, citing $100-million EBITDA shortalls in both agriculture and materials science. Net sales are down high-single digits percent in the quarter versus previous guidance of down mid-single digits, the company added.
Operating EBITDA in material science, set to spin off 1 April as Dow Chemical, is expected to be down mid-20s percent versus previous guidance of down low-20s percent. EBITDA would be $100 million lower than previous guidance at the midpoint “driven primarily by greater-than-expected margin compression globally in packaging & specialty plastics.”
In agriculture, which will spin off 1 June as Corteva, flooding during the month of March in the US Midwest has halted farming operations, limited the ability to deliver products to customers, and delayed pre-season applications. Operating EBITDA in the segment is expected to be down $125 – $150 million compared to the same quarter last year. An assessment of full-year ag impacts, including potential for recovery in future quarters, will be provided with the full first-quarter earnings release on 2 May.
Operating EBITDA in specialty products, which will operate as DuPont following the spin-off of Corteva, is expected to be in line with previous guidance, the company said.
By Robert Westervelt
Source: Chemical Week
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?
