DOW
DowDDocument history
Earnings documents stored for DOW.
Investor releaseQuarter not tagged2026-05-21Zacks Earnings Trends Highlights: Dow, LyondellBasell Industries and Methanex
Zacks
Zacks Earnings Trends Highlights: Dow, LyondellBasell Industries and Methanex
Chicago, IL – May 21, 2026– Zacks Director of Research Sheraz Mian says, "Total Q1 earnings for the 462 S&P 500 companies that have reported results are up +21.1% from the same period last year on +10.4% higher revenues, with 79.9% beating EPS estimates and 78.6% beating revenue estimates." Note: The following is an excerpt from this week'sEarnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>> Here are the key points: The Q1 earnings season has come to an end for 9 of the 16 Zacks sectors, with results from 462 S&P 500, or 92.4% of the index's membership, already out. Most of the still-to-come reports are from the Retail, Tech, and Industrial Products sectors. Total Q1 earnings for the 462 S&P 500 companies that have already reported results are up +21.1% from the same period last year on +10.4% higher revenues, with 79.9% beating EPS estimates and 78.6% beating revenue estimates. This is a better showing from these companies relative to other recent periods. The aggregate earnings total for Q1 is on track to be a new all-time quarterly record at $689.8 billion, surpassing the record set in the preceding quarter at $655.4 billion. The Q1 earnings season showed continued strength and momentum, with companies not only comfortably beating consensus estimates but also providing a reassuring read on the economy despite elevated energy costs and other risks. The momentum is particularly notable on the revenues side, both in terms of the growth pace as well as the beats percentage. We are also seeing positive momentum on the revisions front, with estimates for the current and upcoming quarters rising. The overall earnings picture continues to be of all-around strength and a steadily improving outlook. This favorable earnings backdrop is evident in the revisions trend, as seen in how expectations for 2026 Q2 have evolved in recent weeks. We should note that Q2 estimates have modestly come down in recent days, even though the overall revisions trend remains positive. The sectors enjoying positive estimate revisions since the start of April include Energy, Tech, Basic Materials, Industrials, Utilities, and Business Services. But Q2 estimates in the aggregate would be modestly down since the start of the period had it not been for the increase in Energy an...
Investor releaseQuarter not tagged2026-05-20Tech and Energy Contribute Heavily to Positive Earnings Outlook
Zacks
Tech and Energy Contribute Heavily to Positive Earnings Outlook
Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>> Here are the key points: The Q1 earnings season has come to an end for 9 of the 16 Zacks sectors, with results from 462 S&P 500, or 92.4% of the index’s membership, already out. Most of the still-to-come reports are from the Retail, Tech, and Industrial Products sectors. Total Q1 earnings for the 462 S&P 500 companies that have already reported results are up +21.1% from the same period last year on +10.4% higher revenues, with 79.9% beating EPS estimates and 78.6% beating revenue estimates. This is a better showing from these companies relative to other recent periods. The aggregate earnings total for Q1 is on track to be a new all-time quarterly record at $689.8 billion, surpassing the record set in the preceding quarter at $655.4 billion. The Q1 earnings season showed continued strength and momentum, with companies not only comfortably beating consensus estimates but also providing a reassuring read on the economy despite elevated energy costs and other risks. The momentum is particularly notable on the revenues side, both in terms of the growth pace as well as the beats percentage. We are also seeing positive momentum on the revisions front, with estimates for the current and upcoming quarters rising. The overall earnings picture continues to be of all-around strength and a steadily improving outlook. This favorable earnings backdrop is evident in the revisions trend, as seen in how expectations for 2026 Q2 have evolved in recent weeks. Image Source: Zacks Investment Research We should note that Q2 estimates have modestly come down in recent days, even though the overall revisions trend remains positive. The sectors enjoying positive estimate revisions since the start of April include Energy, Tech, Basic Materials, Industrials, Utilities, and Business Services. But Q2 estimates in the aggregate would be modestly down since the start of the period had it not been for the increase in Energy and Tech sector estimates. The Tech sector has been enjoying positive estimate revisions for more than a year now, so the sector’s positive revisions trend is basically more of the same. We have discussed in this space the positive revisions that the Ma...
Investor releaseQuarter not tagged2026-05-133M Annual Meeting Results
PR Newswire
3M Annual Meeting Results
ST. PAUL, Minn., May 12, 2026 /PRNewswire/ -- At today's Annual Meeting of Shareholders, 3M (NYSE:MMM) shareholders overwhelmingly supported each of the proposals recommended for approval by the company. Preliminary Shareholder Voting Results 3M shareholders today voted on the following business items: 1) Shareholders supported 10 directors for one-year terms: David P. Bozeman, President, Chief Executive Officer and Director, C.H. Robinson Worldwide, Inc. Thomas "Tony" K. Brown, retired Group Vice President, Global Purchasing, Ford Motor Company William M. "Bill" Brown, Chairman of the Board and Chief Executive Officer, 3M Company Audrey Choi, retired Chief Sustainability Officer and Management Committee Member, Morgan Stanley Anne H. Chow, retired Chief Executive Officer, AT&T Business James R. Fitterling, Chair and Chief Executive Officer, Dow Inc. Suzan Kereere, President, Global Markets, PayPal Neil G. Mitchill, Jr., Executive Vice President and Chief Financial Officer, RTX Corporation Pedro J. Pizarro, President, Chief Executive Officer and Director, Edison International Thomas W. Sweet, retired Chief Financial Officer, Dell Technologies 2) Shareholders supported the appointment of PricewaterhouseCoopers LLP as 3M's independent registered public accounting firm for 2026. 3) Shareholders supported, on an advisory basis, executive compensation, as described in the company's Notice of Annual Meeting and Proxy Statement. 3M will disclose the final voting results on each item of business properly presented at the Annual Meeting on Form 8-K to be filed with the SEC. About 3M 3M (NYSE: MMM) is focused on transforming industries around the world by applying science and creating innovative, customer-focused solutions. Our multi-disciplinary team is working to solve tough customer problems by leveraging diverse technology platforms, differentiated capabilities, global footprint, and operational excellence. Discover how 3M is shaping the future at 3M.com/news. Please note that the company announces material financial, business and operational information using the 3M investor relations website, SEC filings, press releases, public conference calls and webcasts. The company also uses the 3M News Center and social media to communicate with our customers and the public about the company, products and services and other matters. It is possible that the information 3M p...
Investor releaseQuarter not tagged2026-05-02Linde Q1 Earnings Beat Estimates, Revenues Rise Y/Y, Dividend Raised
Zacks
Linde Q1 Earnings Beat Estimates, Revenues Rise Y/Y, Dividend Raised
Linde plc LIN reported first-quarter 2026 adjusted earnings per share (EPS) of $4.33, up 10% from $3.95 a year ago. The figure topped the Zacks Consensus Estimate of $4.27 by 1.41%. Total quarterly revenues of $8.78 billion rose 8% from $8.11 billion recorded in the year-ago period. The top line beat the Zacks Consensus Estimate of $8.51 billion by 3.17%. The strong quarterly results can be attributed to higher pricing and incremental project start-ups, which supported underlying growth. Linde PLC price-consensus-eps-surprise-chart | Linde PLC Quote The top-line beat was driven by a mix of operational factors. Compared with the prior-year quarter, underlying sales increased 3%, supported by 2% price attainment and 1% volume growth, driven by project start-ups. Acquisitions added another 1% to sales growth. Linde reported operating profit of $2.44 billion and adjusted operating profit of $2.63 billion, up from $2.18 billion and $2.44 billion, respectively, recorded in the prior-year quarter. Net income attributable to Linde increased from the year-ago figure of $1.67 billion to $1.86 billion. The company’s adjusted net income was $2.02 billion, up 7% year over year from $1.88 billion, reflecting stronger operating profit and ongoing productivity initiatives across segments. Geographically, the Americas remained the key growth contributor, with segment sales of $4.03 billion, up 10% year over year from $3.67 billion. The increase was supported by stronger pricing and higher volumes, with electronics and manufacturing highlighted as key end markets. Segment operating profit reached $1.27 billion, up from $1.14 billion recorded in the year-ago quarter. APAC sales rose to $1.70 billion, reflecting an 11% increase from $1.54 billion a year ago. Volumes were the main driver, aided by project start-ups and demand in electronics, as well as chemicals and energy. Segment operating profit increased from $451 million to $477 million for the quarter. EMEA sales amounted to $2.17 billion, up 7% from the year-ago quarter’s figure of $2.03 billion. Underlying performance was less favorable, with volume pressure in chemicals, energy and manufacturing offsetting pricing gains. Segment operating profit improved to $784 million from $722 million recorded in the prior-year quarter. Engineering sales decreased from $565 million in the prior-year quarter to $517 million. Operating...
Investor releaseQuarter not tagged2026-04-28Dow's 2026 Earnings Outlook Strengthens on Plastics Margins, RBC Says
MT Newswires
Dow's 2026 Earnings Outlook Strengthens on Plastics Margins, RBC Says
Dow (DOW) is positioned to generate more than $6 billion in EBITDA in 2026, helped by stronger polye
Investor releaseQuarter not tagged2026-04-23DOW Q1 Earnings and Sales Beat Estimates Amid Pricing Weakness
Zacks
DOW Q1 Earnings and Sales Beat Estimates Amid Pricing Weakness
Dow Inc. DOW recorded a loss (on a reported basis) of $553 million or 74 cents per share for first-quarter 2026, wider than a loss of $307 million or 44 cents per share a year ago. The bottom line was hurt by lower prices and volumes. On an adjusted basis (barring one-time items), DOW incurred a loss of 14 cents for the reported quarter. The figure was narrower than the Zacks Consensus Estimate of a loss of 39 cents. Dow recorded net sales of $9,794 million for the quarter, down 6.1% year over year. It beat the Zacks Consensus Estimate of $9,499.8 million. The downside reflects flat sales in Performance Materials & Coatings and declines in the other segments. Volume fell 2% year over year due to declines in Industrial Intermediates & Infrastructure, hurt by the Middle East conflict. Local prices fell 7% year over year. Dow Inc. price-consensus-eps-surprise-chart | Dow Inc. Quote Packaging & Specialty Plastics: The division’s sales fell 7.4% year over year to $4,919 million in the reported quarter. The figure beat the consensus estimate of $4,834 million. Volume fell 1% year over year on lower merchant olefins sales in EMEAI, resulting from the idling of a cracker. Local prices fell 9% year over year, primarily due to lower polyethylene prices. Industrial Intermediates & Infrastructure: Sales for the unit were down 8% year over year to $2,626 million. The figure beat the consensus estimate of $2,595 million. Local prices fell 8% year over year, indicating reductions in both businesses. Volume decreased 4% due to declines in polyurethanes and construction chemicals. Performance Materials & Coatings: Revenues from the division rose 0.4% year over year to $2,080 million. The figure exceeded the consensus estimate of $1,947 million. Volume increased 2% year over year due to higher volumes in downstream silicones and acrylic monomers. Local prices fell 4% year over year due to a decline in Coatings & Performance Monomers. Cash flow from operating activities for continuing operations was $1,124 million in the quarter, representing growth of 1,135% year over year. Cash and cash equivalents at the end of the quarter were $4,110 million Shareholder returns through dividends for the quarter amounted to $252 million. Dow stated that it is already witnessing strong positive momentum from its recently implemented pricing actions across all businesses and regions, along wi...
TranscriptFY2026 Q12026-04-23FY2026 Q1 earnings call transcript
Earnings source - 90 paragraphs
FY2026 Q1 earnings call transcript
Greetings, and welcome to the Dow first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation.
Good morning. Thank you for joining today. The accompanying slides are provided through this webcast and posted on our website. I'm Andrew Riker, Dow's Investor Relations Vice President.
Jim and Karen will start with a summary of our first quarter performance, including details on each of our three operating segments. Karen will then provide an update on current industry dynamics, including how global supply disruptions are influencing market conditions.
Thank you, Andrew. I'd like to first take a moment to step back and recognize our colleagues, neighbors, customers and partners in the Middle East who are facing significant turmoil and uncertainty. Our thoughts are with everyone affected by this conflict, and we wish for their safety and wellbeing during these difficult times.
We delivered 3% sequential volume growth, net sales of $9.8 billion, and operating EBITDA of $873 million. With our self-help actions well underway, we delivered approximately $193 million in period cost savings.
We also anticipate impact to future investments, including potential delays or cancellations of planned industry capacity additions, as well as increased pressure for capacity rationalization. Lastly, we expect that the higher global oil and naphtha prices will steepen the global cost curve.
Lastly, we are building a Dow that is more agile and resilient through any cycle, a company that delivers through periods of volatility, and one that focuses on capturing upside, improving margins, and outperforming our peers to effectively reset the competitive benchmark.
This transition comes at the right time as we transform our company for its next phase of growth. I have full confidence in Karen's leadership, her deep operational experience, and her ability to drive performance and value creation.
Thank you, Jim, and good morning to everyone joining today. I'm honored to step into the role of CEO of Dow. Having spent my entire career with the company, I have a deep appreciation for our people, our innovation capabilities, and the critical role we play in enabling our customers' growth.
As Jim mentioned, Team Dow remains focused on disciplined execution in every business throughout the first quarter. As the situation in the Middle East unfolded in March, we continued to manage costs and cash tightly while also prioritizing our customers.
Polyethylene volumes increased in all regions, both versus the prior year and last quarter, supported by continued global growth in flexible food and specialty packaging applications. Polyethylene volume gains were offset by lower merchant olefins sales following a turnaround in the U.S. Gulf Coast and lower licensing revenue.
Next, turning to our Industrial Intermediates and Infrastructure segment on slide five. Net sales were $2.6 billion, down 8% year-over-year. This was largely due to lower prices in both businesses, as well as lower volumes in polyurethanes as a result of impacts from the Middle East conflict.
Moving to the Performance Materials and Coatings segment on slide six. Net sales were $2.1 billion, which is flat compared to the same period last year, with higher volumes in both businesses.
This capacity represents approximately 25% of European siloxane industry capacity. Next, on slide seven, I'll take a step back to frame further details on the current macroeconomic environment. The headline is this: demand across many markets is steady. At the same time, supply is short, and arbitrage is increasing.
Moving to supply dynamics, we anticipate that shutdowns, feedstock limitations, and logistical constraints will continue to reshape polyethylene product availability across regions. These conditions are creating ripple effects well beyond the Middle East, including significant impacts to logistics costs and transit times.
In addition, U.S. Gulf Coast NGLs, including ethane, continue to be largely unimpacted. All of these factors underscore the benefits of Dow's cost-advantaged footprint in the Americas. Next, on slide eight, we'll unpack some of the current regional and industry impacts in more detail.
The disruption has been amplified across Asia and Europe, tightening feedstock availability and pushing producers to reduce production or increase prices to cover the rapidly escalating costs occurring from the conflict. Looking across regions, a large portion of Middle East capacity remains offline, with increasing risk of lasting infrastructure damage.
Lastly, it is not likely that the pricing impact of these events will be temporary. We expect rising global production costs and a steepening global cost curve to continue influencing pricing and spreads. Next, I'll turn to slide nine, where we will discuss how Dow's specific advantages drive near-term value.
Our consistent focus on investing in the Americas gives us reliability, feedstock security, and cost stability at a time when global supply chains are strained. In Europe, our feedstock flexibility remains a critical differentiator.
The structural advantages we have deliberately built over time give us confidence in Dow's ability to manage through volatility while capturing value at any point in the cycle. In addition to these portfolio advantages, slide 10 outlines the key areas where we remain committed to self-help actions that will strengthen Dow's earnings power.
As a reminder, we expect approximately two-thirds of that to come from productivity gains and the remaining one-third from growth. Next, I'll share a few examples of early opportunities that we have identified and are taking action on.
Pilot efforts in these areas have meaningfully improved the quality, size, and value capture from new opportunities. Learnings are quickly being scaled to support and accelerate targeted growth across the portfolio.
We remain confident that our collective efforts in Transform to Outperform will ramp sharply to $400 million in the second half of the year, creating a Dow that is more resilient across the cycle while consistently delivering growth, customer success, and improved shareholder value.
Thank you, Karen. As we look ahead, I'd like to provide some context around our earnings expectations for the second quarter and for the remainder of the year.
This sequential improvement is driven by pricing gains, expanding margins, increased asset utilization, typical seasonal demand improvement, and our continued focus on reducing costs, all of which are expected to more than offset rising feedstock and energy costs, plant maintenance activity, and expected sequential decreases in licensing revenue.
However, rising propylene costs are likely to delay seasonal demand uplifts that we would normally see across building and construction end markets. On equity earnings, several factors will impact Dow's sequential earnings expectations.
In summary, predicting global macroeconomic and end market dynamics in this period will continue to be difficult, but we expect more potential upside to these projections than downside. All of this represents our best assessment during a period of rapid change.
On capital deployment, we remain focused on high-quality organic investments, with capital expenditures expected to be at or below depreciation and amortization across the cycle. This includes prioritizing advantaged assets, regions, high return projects, and investments that strengthen our cost position and earnings durability.
This includes the remaining $600 million from our 2025 program, as well as $500 million in growth and productivity improvements from Transform to Outperform. As we mobilize the teams and complete several assessments in the immediate term, we expect to demonstrate a significant portion of the end-year value in the second half of this year.
Our revolving credit facility was recently renewed through 2030, and our committed accounts receivable securitization includes the recent renewal of our European facility through 2029. We also ended the first quarter with over $4 billion of cash on hand.
Thank you, Jeff. As I look at slide 13, it really captures how we position Dow, not just for this quarter or this year, but for long-term value creation through the cycle.
This annual process provides important insights into our performance and that of the broader industry, and it is what ultimately led to Dow's actions to effectively reset the competitive benchmark through Transform to Outperform, which is underway.
We are acting thoughtfully but decisively to improve the quality of our portfolio and improve our long-term earnings, and we are not backing off. Transform to Outperform is already driving new value that is additive to near-term market upside.
We remain confident that Dow can capture outsized growth in these markets for years to come, which will create additional value for shareholders. Lastly, foundational to everything we do is the financial discipline and flexibility that we have built.
They've adapted quickly to changing market signals while staying focused on cash generation and improving margins. Thank you for your continued interest and support of Dow. Now, I'll turn the call back to Andrew to get us started with the Q&A.
Thank you, Jim. Now let's move on to your questions. I would like to remind you that our forward-looking statements apply to both our prepared remarks and the following Q&A. Operator, please provide the Q&A instructions.
Thank you. Ladies and gentlemen, we will now begin our question and answer session. If you have dialed in and you'd like to ask a question, please press star followed by the number one on your telephone keypad.
Morning, Jim and Karen. First of all, congratulations to both of you on your new roles. A question around just the timelines associated with the normalization of supply chains, in a let's hypothesize sort of post-peace declaration sort of an environment, and also the sustainability of some of these pricing initiatives, particularly for polyethylene that you guys have announced.
Would love to sort of hear your views about the sustainability of pricing timelines associated with this normalization. Particularly, as I sit there and see consensus estimates for you guys, some of your competitors and the like, they seem to be just factoring in a V-shaped sort of normalization of these supply chains. Would love to hear your thoughts around that.
Morning, Hassan. I'll take a shot, and then I'll ask Karen to talk about the pricing. When I was at CERAWeek, really at the very beginning of the conflict, early March, I mentioned that we did some modeling at that time that it would be 275 days or longer for the supply chain disruption to unwind.
The Straits moved over 130, probably close to 150 cargoes a day, and very different cargoes, very large crude carriers, LNG cargoes, marine-packed cargo for moving plastics, bulk chemical shipments, refined fuel shipments.
I don't think it's very likely that petrochemical and plastic shipments will be prioritized first. I think it's more likely that crude oil, fuel, fertilizers would be prioritized first because those affect national security, those affect food security for a lot of countries.
We were going into this in March, at the end of February, low inventories, pricing momentum, good order books. We had 3% volume growth sequentially in first quarter, and now we're seeing a tick up. I think everything is poised for strong demand and really tight supply, and I think that bodes well for pricing outlook.
Yeah, exactly, Jim. On the pricing side, Hassan, thanks for the question. I think we should go back to January and remember that you were at $0.05 in January, and then in March, in relation to the Middle East crisis, there was another $0.10 settlement.
If you look at the announcements for the month of April, we have $0.30 per pound on the table, and then we have another price increase out there for the month of May of $0.20.
Your next question comes from the line of Michael Sison from Wells Fargo. Your line is live.
Hey, good morning. Congrats as well to Karen and Jim. When you think about the $1.75 billion for P&SP in 2Q, can you sort of frame, do you think that's kind of a mid-cycle EBITDA? Is it a peak EBITDA? When you think about the sustainability of these integrated margins into 2027 as supply chains come back, where do you think we could sort of end up post all this? Thank you.
Karen, do you want to take it?
Sure. I'll go back to the $0.26 per pound integrated margin improvement that we expect to get here in the second quarter. That's mid-cycle, perhaps a bit above mid-cycle.
Again, as I indicated in my last answer, we expect that this environment is going to continue in alignment with the duration of the recovery that we believe is going to take six months anywhere to 18 months to resolve.
Your next question comes from the line of Vincent Andrews from Morgan Stanley. Your line is live.
Thank you. Good morning, and I echo the sentiment on the leadership transition. Could I ask Jim if you think if we get to the other side of the conflict, do you think there could be any changes in the cost curve on a sustainable basis? In particular, do you think Europe's position can improve at all on the other side?
Yeah. Good morning, Vince. I think on Europe, a couple of things that are having an impact on Europe right now, the tightness in the marketplace from the shutdown of the Straits is not just the inability to move the product, but it's the magnitude of the impact.
Europe has a little bit closer access to some naphtha, and they have some refining capacity. I'd say the biggest help on margins right now has been the tightness in byproducts. You're starting to see positive byproduct credits in the crackers.
I think it's logical to expect that countries are going to step in and make some changes like we saw after Russia, Ukraine, when the Germans worked hard to diversify and get five LNG facilities going to diversify their natural gas supplies.
Yeah. Demand for our assets definitely has moved up. The propane-naphtha spread has widened, and we have more flexibility from a cracking perspective than any of our peers in the region.
I think Europe will be under pressure when the Middle East supply comes back because with that being shut in now, obviously it has to be supplied from domestic Europe. When that comes back, I think obviously the cost position in Europe will move back.
Your next question comes from the line of Jeff Zekauskas from JPMorgan. Your line is live.
Thanks very much. A two-part question. The export price of polyethylene from Houston today is about $1,775 a ton FOB, but the delivered price to Asia for polyethylene is less than $1,300 a ton.
Yeah. Wendy, you want to touch on what's going on with Asian prices of polyethylene?
Yeah. Jeff, thanks for the question. What I can say is that our prices around the world are going up. The export price is the indication of real demand, not local price. As Jim just indicated, in China in particular, they are starting to restrict the feedstock that is going to pet chem production. We continue to expect prices there to go up as well.
Jeff?
Yeah, Jeff, on the cash side of things in terms of operating EBITDA relationship, couple of things I would mention there. We entered and exited first quarter with a very strong cash position at slightly over $4 billion.
With that, we would expect our cash conversion rate to steadily improve as we go from one quarter to the next year. We're in a really good position to see that EBITDA, the cash flow and free cash flow increase from a cash conversion perspective.
We have approximately $100 million related to our revolving credit facility, and then approximately another $100 million related to our letter of credit. Specific to your question around the cash commitments for 2026 and also through 2038, that would be approximately $100 million per year.
Your next question comes from the line of Kevin McCarthy from Vertical Research Partners. Your line is live.
Thank you, and good morning. Jim, one of the most common questions that we field from investors is along the lines of assessing the durable supply-side impacts from the conflict.
Yeah. Good morning, Kevin. Look, I don't have all of the insight to what has happened there, but I can go based on the incidents that I'm aware of and the things that have been shared that are public.
What it got hit there was a very critical piece of equipment that takes 2.5-3 years to rebuild, and then, of course, it's got to get installed. That's the most significant attack that I've heard of, and there's not a lot I think they're going to be able to do to fix that.
Your next question comes from the line of Patrick Cunningham from Citi. Your line is live.
Hi. Good morning. Thanks for taking my question. Could you perhaps walk through any impacts of the conflict on maybe the 10%-15% of non-polyolefin derivatives that are exposed to some of these tightening market dynamics? Where you might see the biggest potential for additional export opportunities or advantage footprint taking advantage of some of the higher margins?
Well, ethylene, polyethylene, ethylene glycol has probably been the biggest impact of all of it. You see that already showing up in the market response and what's happening. Those should be able to repair quickly.
I think in polypropylene, you had a little bit different situation in downstream demand dynamics, auto being slow, appliances being slow, kind of takes a little demand pressure off of polypropylene. We haven't seen
MDI
the same kind of dynamics there.
Mm-hmm
Similar. Other things you want to bring in, Karen?
No, I think you're absolutely right. I mean, on the EO side, in particular, MDI working to get those prices up above the cost increases. MEG, as you referenced, those prices are moving up as well.
Your next question comes from the line of Frank Mitsch from Fermium Research. Your line is live.
Thank you, and also let me offer my congratulations to Jim and Karen. Coming back to Sadara, I was just curious if you could speak to the future of what your expectations are for Sadara over the next couple of years.
Yeah, Frank, I'll take the first part. One of the things I will continue to do, as Karen takes over the CEO role is finish up these negotiations with Saudi Aramco on the restructuring of Sadara and trying to address some of the challenges that we face there.
It's more of a leverage issue and a balance sheet issue that we've got to get right, and that's what we're working through with Aramco. As I promised, I'll have more of an update for you mid-year when we come back for earnings then. Jeff, you want to comment on that last part?
Yeah, Frank, in terms of looking at first quarter specifically, you're spot on. The equity loss impact there was $115 million. If you're looking on a full year basis, we would estimate that to be in the approximately $400 million range, from a Sadara impact perspective for Dow.
I hope we get the Royals and Mets back into the World Series, Frank. We have unfinished business.
The next question comes from the line of David Begleiter from Deutsche Bank. Your line is live.
Thank you. Good morning, and again to Jim, Karen, congrats on the new roles. Karen, just back to Q1 guidance. What does that $0.26 of global margin expansion imply for the $0.30 you have announced for April and the $0.20 for May? Does that include a portion of those or all those? That would be helpful. Thank you.
It includes our April price increase that's on the table, but it does not include May. May would present upside to the guide that we have in second quarter.
This concludes our question and answer session. I'll now turn the conference back over to Andrew Riker for closing remarks.
Thank you everyone for joining our call, and we appreciate your interest in Dow. For your reference, a copy of our transcript will be posted on Dow's website within 48 hours. This concludes our call.
This concludes today's conference call. You may now disconnect.
Investor releaseQuarter not tagged2026-04-22These 2 Basic Materials Stocks Could Beat Earnings: Why They Should Be on Your Radar
Zacks
These 2 Basic Materials Stocks Could Beat Earnings: Why They Should Be on Your Radar
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Dow Inc. (DOW) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research
Investor releaseQuarter not tagged2026-04-21Earnings Preview: Stepan Co. (SCL) Q1 Earnings Expected to Decline
Zacks
Earnings Preview: Stepan Co. (SCL) Q1 Earnings Expected to Decline
Wall Street expects a year-over-year decline in earnings on higher revenues when Stepan Co. (SCL) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 28. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This specialty chemicals company is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of -75%. Revenues are expected to be $630.3 million, up 6.2% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 17.81% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is s...
Investor releaseQuarter not tagged2026-04-16Dow Inc. (DOW) Expected to Beat Earnings Estimates: What to Know Ahead of Q1 Release
Zacks
Dow Inc. (DOW) Expected to Beat Earnings Estimates: What to Know Ahead of Q1 Release
The market expects Dow Inc. (DOW) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 23. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This materials science is expected to post quarterly loss of $0.33 per share in its upcoming report, which represents a year-over-year change of -1750%. Revenues are expected to be $9.45 billion, down 9.5% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 21.48% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predicti...
Investor releaseQuarter not tagged2026-04-10Dow announces results from 2026 Annual Stockholder Meeting
PR Newswire
Dow announces results from 2026 Annual Stockholder Meeting
All director nominees re-elected for one-year terms Board declares quarterly dividend of 35 cents per share MIDLAND, Mich., April 9, 2026 /PRNewswire/ -- Dow (NYSE: DOW) is pleased to report the results of its 2026 Annual Meeting of Stockholders. Today stockholders elected Samuel R. Allen, Gaurdie E. Banister Jr., Wesley G. Bush, Richard K. Davis, Jerri DeVard, Debra L. Dial, Jeff M. Fettig, Jim Fitterling, Jacqueline C. Hinman, Luis Alberto Moreno, Jill S. Wyant and Daniel W. Yohannes to the Company's Board of Directors for one-year terms. Biographies for all directors, committee assignments and other corporate governance information are available on our Corporate Governance website. Stockholders also approved all other matters presented at the meeting, including: An advisory resolution on executive compensation A one-year frequency for future advisory votes to approve executive compensation Approval of the amendment to the Company's 2019 Stock Incentive Plan to increase the number of shares available for issuance Ratification of the appointment of Deloitte & Touche LLP as Dow's independent auditor for 2026 The meeting will be available via webcast replay on Dow's website. Following the Company's 2026 Annual Meeting of Stockholders, the Board of Directors declared a quarterly dividend of 35 cents per share, payable June 12, 2026, to shareholders of record on May 29, 2026. This marks the 459th consecutive dividend paid by the Company or its affiliates since 1912. About Dow Dow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, customer-focused innovation and leading business positions enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 29 countries and employ approximately 34,600 people. Dow delivered sales of approximately $40 billion in 2025. References to Dow or the Company mean Dow Inc. and its subsidiaries. Learn more about us at www.dow.com. For further information, please contact: Investors: Andrew Riker [email protected] Media: Sarah Young [email protected] X: https://twitter.com/DowNewsroom Facebook: https://www.facebook.com/dow/ LinkedIn: http://www.linkedin.com/company/dow-chemical Instagram: http://instagram.com/d...
Investor releaseQuarter not tagged2026-04-09Northern Technologies (NTIC) Q2 Earnings Lag Estimates
Zacks
Northern Technologies (NTIC) Q2 Earnings Lag Estimates
Northern Technologies (NTIC) came out with quarterly earnings of $0.01 per share, missing the Zacks Consensus Estimate of $0.02 per share. This compares to a loss of $0.03 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -50.00%. A quarter ago, it was expected that this rust and corrosion prevention company would post earnings of $0.05 per share when it actually produced earnings of $0.04, delivering a surprise of -20%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Northern Technologies, which belongs to the Zacks Chemical - Diversified industry, posted revenues of $22 million for the quarter ended February 2026, surpassing the Zacks Consensus Estimate by 4.25%. This compares to year-ago revenues of $19.07 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Northern Technologies shares have added about 2.2% since the beginning of the year versus the S&P 500's decline of 0.9%. While Northern Technologies has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Northern Technologies was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in th...