US chemicals firm Dow achieves sales of $14.8 bn in third quarter

27 Oct '21

2 min read

Pic: Dow

Dow, a materials science leader committed to delivering innovative and sustainable solutions, has posted 53 per cent sales growth to $14.8 billion in the third quarter (Q3) of FY21 ended on September 30, 2021, compared to the sales of $9.7 billion in the same period of last fiscal. Net income for the quarter surged to $1.7 billion (Q3 FY20: loss $1 million).

“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,” Jim Fitterling, chairman and chief executive officer at Dow, said in a press release.

During the quarter, sales from packaging and specialty plastics segment jumped 69 per cent to $7.7 billion ($4.5 million), while industrial intermediates and infrastructure segment sales grew 47 per cent to $4.5 billion ($3.0 billion). Moreover, performance materials and coatings segment were up 26 per cent to $2.5 billion ($2.0 billion).

“Looking ahead, Dow is well positioned to increase earnings, cash flow and returns as we decarbonise our footprint and achieve our 2030 and 2050 carbon emissions reduction targets. We will continue to build on our competitive advantage with growth from higher-margin, sustainability-driven, downstream solutions, and value-accretive investments to replace end-of-life assets with carbon-efficient and higher-ROIC production,” Fitterling said.

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