Home / Knowledge / News / Textiles / Dow achieves improved financial performance in Q2
Dow achieves improved financial performance in Q2
31
Jul '09
Dow Reports Second Quarter Results—— Accelerated cost reductions, faster synergy achievements and volume gains achieve sequential improvement in sales and business operating results despite weak U.S. and European economies.

Second Quarter 2009 Highlights
- Dow reported a loss of $0.47 per share. Excluding certain items(1) and discontinued operations in the quarter, the Company earned $0.05 per share, driven by favorable volume trends, management's accelerated cost interventions and the Company's ability to maintain price from the prior quarter.

- The Company is ahead of its commitments to reduce structural costs, with a decrease of more than $375 million in costs in the quarter and more than $600 million year to date due to ongoing cost reduction and restructuring efforts, as well as cost synergies achieved as a result of the acquisition of Rohm and Haas. To date, the Company has achieved more than 70 percent of its 12-month cost synergy run rate goal, which began on April 1.

- Volume and price were each down 20 percent on a pro forma basis(2) versus the year-ago period. Sequentially, volume increased five percent with growth of at least 20 percent in Electronic and Specialty Materials, Coatings and Infrastructure, and Performance Systems.

- Dow's global operating rate improved seven percentage points to 75 percent versus the prior quarter, driven by double-digit volume growth (compared with pro forma sales) in Asia Pacific; India, Middle East and Africa (IMEA); and Latin America.

- At a company level, EBITDA(3) excluding certain items improved sequentially by 64 percent on a pro forma basis. This was driven by increases in the Advanced Materials and Performance Products and Systems segments, which were up by $634 million; and Basic Plastics, which improved by $284 million. Health and Agricultural Sciences decreased by $238 million due to declines in agricultural chemicals.

Comment
Andrew N. Liveris, Dow's chairman and chief executive officer, stated:
“Dow achieved improved financial performance and successfully reached a number of significant transformational milestones in the second quarter inclusive of announced divestitures and improving the balance sheet. In addition, business results improved sequentially, reflecting volume growth, our ability to hold price in the quarter as well as the acceleration and realization of our cost reductions and synergies. The actions we have taken thus far represent focused and precise steps as part of our transformation and the long-term goals we have set for our Company. We will also continue to manage our business with the same dedicated focus and are confident that we are on track to position Dow as an earnings growth company."

For more details click here.

The Dow Chemical Company

Must ReadView All

Courtesy: Kornit Digital

Textiles | On 28th Feb 2017

'Customisation is an advantage of digital printing'

Changing business models and companies' decision to reduce their...

Textiles | On 28th Feb 2017

China's textile & apparel exports up 10.2% in Jan 2017

Exports of textiles and garments from China resumed growth in the...

Apparel/Garments | On 28th Feb 2017

Delta Galil's Q4 operating profit jumps 80%

In the three months to December 31, 2016, operating profit at apparel ...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search