Dow Chemical beats by $0.06, reports revs in-line
Reports Q1 (Mar) earnings of $0.89 per share, $0.06 better than the Capital IQ Consensus of $0.83; revenues fell 13.5% year/year to $10.7 bln vs the $10.66 bln Capital IQ Consensus. Outlook:
- Volume rose 4%, excluding the impact of divestitures and acquisitions. Growth in North America (up 6%), Europe, Middle East, Africa and India (up 4%) and Asia Pacific (up 3%) more than offset a decline in Latin America (down 4%). Volume grew in the emerging geographies, as results in Greater China (up 5%) and India (up 13%) reflected solid consumer-driven demand in these regions.
- Says remains on track with DuPont (DD) and Dow Corning transaction
- "Looking ahead, we expect continued strength in the consumer driven end-markets where we have demonstrated a narrower and deeper focus, especially in our materials businesses that provide innovative products to the packaging, transportation and infrastructure markets. We see strong demand signals in North America, gradual recovery in Europe and ongoing sustainable urbanization in China, all of which are driving the need for Dow's unique products, underscoring our innovation, market access and integration -- enabling us to grow faster in our selected market sectors. We believe pockets of volatility will persist, including near-term geopolitical and economic uncertainty, most notably in Brazil. In this environment, we continue to control what we can control: implementing disciplined self-help and productivity actions; advancing our innovation agenda; and progressing our strategic growth investments. Our teams remain squarely focused on delivering on our three priorities: meeting our financial commitments, and quickly closing the Dow Corning and DowDuPont transactions. We remain committed to flawless operational, commercial and project execution to deliver value for our customers and enhanced returns for our shareholders."