Chemicals Company Dow's Q2 Earnings Disappoint Amid Challenging Market Conditions; Stock Slips
Chemicals Company Dow's Q2 Earnings Disappoint Amid Challenging Market Conditions; Stock Slips
Dow Inc (NYSE:DOW) shares are trading lower after the company reported second-quarter FY24 results.
道氏化学（纽交所：DOW）股票下跌，因公司公布2024财年第二季度业绩。
Sales declined 4% Y/Y to $10.9 billion, missing the consensus of $11.01 billion.
销售额同比下降4％至109亿美元，低于市场预期的110.1亿美元。
Sales were up 1% sequentially, led by gains in Performance Materials & Coatings and Packaging & Specialty Plastics.
由于性能材料和涂料以及包装和特种塑料业务的增长，销售额环比上升1％。
Adjusted EPS was $0.68, missing the consensus of $0.72.
调整后的每股收益为0.68美元，低于市场预期的0.72美元。
Local price fell 4% Y/Y. Sequentially, local prices rose 1% Y/Y, aided by gains in Europe, the Middle East, Africa, and India (EMEAI).
本地价格同比下降4％。环比上升1％，其中欧洲、中东、非洲和印度（EMEAI）区域业务增长助推了本地价格上涨。
Volume increased by 1% Y/Y, reflecting led by the U.S. & Canada.
成交量同比增长1％，主要得益于美国和加拿大市场。
Operating EBIT declined to $819 million from $885 million a year ago, while the margin contracted by 20 bps to 7.5% for the quarter.
本季度营业收入为81900万美元，比去年同期的88500万美元下降，毛利率降低20个基点至7.5％。
Segment: Packaging & Specialty Plastics sales decreased 7% Y/Y to $5.5 billion, and the operating EBIT margin of 12.7% was down by 280 bps.
包装和特种塑料业务销售额同比下降7％至55亿美元，毛利率为12.7％，下降280个基点。
Industrial Intermediates & Infrastructure sales fell 7% Y/Y to $2.95 billion, and the operating EBIT margin expanded by 130 bps Y/Y to 0.2%.
工业中间体和基础设施销售额同比下降7％至29.5亿美元，毛利率同比扩大130个基点至0.2％。
Performance Materials & Coatings sales rose 2% Y/Y to $2.24 billion, and the operating EBIT margin grew by 350 bps Y/Y to 6.5%.
性能材料和涂料业务销售额同比增长2％至22.4亿美元，毛利率同比增长350个基点至6.5％。
DOW's cash provided by operating activities from continuing operations for the quarter was $832 million, and free cash flow was $109 million.
DOW本季度持续经营活动提供的现金流为83200万美元，自由现金流为10900万美元。
DOW returned $691 million to the shareholders in the quarter, including $491 million in dividends and $200 million in share repurchases.
DOW在本季度向股东返还69100万美元，包括49100万美元的分红和20000万美元的股票回购。
Jim Fitterling, chair and chief executive officer, said, "The pace of the global macroeconomic recovery has been slower than expected. We remain focused on working capital, reducing costs, and matching our operating rates to current demand."
主席兼首席执行官Jim Fitterling表示：“全球宏观经济复苏的步伐比预期的慢。我们继续专注于营运资金、降低成本以及匹配我们的产能与当前需求。”
"As we look to the second half of the year, Team Dow is focused on continuing to deliver sequential earnings improvements while navigating through the slower macro environment we remain in."
“在展望今年下半年时，道氏化学团队专注于继续提高收益，同时应对当前的宏观经济环境。”
"While near-term demand in many markets that we serve is growing, building & construction and consumer durables are unlikely to significantly change in 2024. We will continue driving higher sales through our innovation portfolio and diverse product mix."
“虽然我们服务的许多市场的近期需求正在增长，但建筑和消费耐久品在2024年不太可能出现显著变化。我们将通过创新组合和多样化的产品组合继续推动更高的销售额。”
Investors can gain exposure to the stock via Invesco Dow Jones Industrial Average Dividend ETF (NYSE:DJD) and FT Vest DJIA Dogs 10 Target Income ETF (BATS:DOGG).
投资者可以通过Invesco Dow Jones工业平均分红ETF（纽交所：DJD）和Ft Vest DJIA Dogs 10目标收入ETF（BATS: DOGG）获得该股票的曝光。
Price Action: DOW shares are down 5.18% at $50.56 premarket at the last check Thursday.
截至周四最后一次查询，DOW股价以50.56美元下跌5.18％。
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