THE WHAT? Dow has reported its results for the third quarter of fiscal 2021. The chemicals supplier saw sales swell 53 percent yoy to US$14.8 billion with gains in all operating segments and regions.
THE DETAILS Packaging and Specialty Plastics put on 69 percent to hit sales of US$7.7 billion while Industrial Intermediates and Infrastructure segment net sales were US$4.5 billion, up 47 percent versus the year-ago period. Performance Materials & Coatings gained 26 percent on last year’s Q3 for total sales of US$2.5 billion.
THE WHY? Jim Fitterling, Chairman and Chief Executive Officer, commented on the quarter, “The Dow team delivered another quarter of sequential and year-over-year top- and bottom-line growth. Despite higher energy costs and industry-wide value chain disruptions from hurricanes on the US Gulf Coast, our proactive storm preparations enabled us to maintain the safety of our team and operations, and recover quickly. Coupled with our global footprint, feedstock flexibility and structural cost advantages, we continued to capture robust end-market demand and price momentum. As a result, we generated higher cash flow from operations and achieved sales growth across all segments and geographies. Additionally, earlier this month at our 2021 Investor Day we outlined a strategic plan to increase underlying EBITDA by more than $3 billion across the cycle through the implementation of a phased and disciplined approach to decarbonize our footprint and grow earnings. Our strategy enables us to capture demand growth for circular and low- to zero-carbon emissions products; progress our productivity actions; and continue to deliver our financial priorities.”