Q4 2024 Dow Inc Earnings Call Transcript
Key Points
- Dow Inc (DOW) delivered its fifth consecutive quarter of year-over-year volume growth despite weak macroeconomic conditions.
- The company completed the sale of its flexible packaging laminating adhesives business to Arkema for approximately $150 million.
- Dow Inc (DOW) signed a definitive agreement with Macquarie Asset Management for the sale of a minority stake in select US Gulf Coast infrastructure assets, expecting cash proceeds of up to $3 billion.
- The company announced targeted actions to reduce costs by $1 billion and CapEx by $300 million to $500 million to reinforce long-term competitiveness.
- Dow Inc (DOW) was recognized with 12 Edison Awards for Innovation and named one of the Top 25 World's Best Workplaces by Fortune.
- Net sales were down 2% year-over-year, reflecting pricing pressure across the industry.
- Local prices declined 3% year-over-year and sequentially, with declines across all operating segments.
- Operating EBITDA was approximately flat compared to the same period last year.
- The company announced a strategic review of select European assets due to persistently weak global macroeconomic conditions.
- Dow Inc (DOW) is postponing a maintenance turnaround at one of its ethylene crackers in Europe, resulting in idling the asset until market dynamics improve.
Greetings, and welcome to the Dow Fourth Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I will now turn it over to Dow Investor Relations Vice President, Andrew Riker, Mr. Riker, you may begin.
Good morning. Thank you for joining today. The accompanying slides are provided through this webcast and posted on our website. I am Andrew Riker, Dow's Investor Relations Vice President. Leading today's call are Jim Fitterling, Chair and Chief Executive Officer; Jeff Tate, Chief Financial Officer; and Dow's recently appointed Chief Operating Officer, Karen S. Carter.
Please note our comments contain forward-looking statements and are subject to the related cautionary statements contained in the earnings news release and slides. Please refer to our public filings for further information about principal risks and uncertainty.
Unless otherwise specified, all financials, where applicable, exclude significant items. We will also refer to non
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