EPS · actual vs est
Revenue · actual vs est
Summary
Generated 2026-04-23
Management highlights
Jim Fitterling and Karen S. Carter discussed the first quarter performance, including the impact of the Middle East conflict on supply chains, Dow's competitive advantages like advantaged global asset footprint, and self-help actions such as cost savings programs and transform to outperform initiatives. Karen also updated on industry dynamics and Dow's focus on operational excellence.
Segment performance
Packaging and specialty plastics: First quarter net sales were $4.9 billion, operating EBIT was $208 million. Industrial intermediates and infrastructure: Net sales were $2.6 billion, down 8% year over year. Performance materials and coatings: Net sales were $2.1 billion, flat compared to the same period last year.
Guidance
Expects second quarter revenue of approximately $12 billion and EBITDA of $2 billion. Sequential improvement driven by pricing gains, expanding margins, etc. Also mentioned factors like planned maintenance and rising feedstock costs.
Risks
Supply chain disruption due to Middle East conflict persisting throughout 2026, potential delays or cancellations of planned industry capacity additions, higher global oil and NAFTA prices steepening the global cost curve.
Q&A highlights
Q: Timelines associated with normalization of supply chains and sustainability of pricing initiatives.
A: Jim and Karen discussed supply chain unwind taking time, with pricing momentum building and more room for prices to move up.
Q: Framing of $1.75 billion for PSP in 2Q and sustainability of integrated margins.
A: It's mid-cycle EBITDA moving to peak levels.
Q: Changes in cost curve and profitability of European assets.
A: Europe's position affected by supply tightness, but margins expected to increase in second quarter.
Q: Export price of polyethylene and relationship between operating cash flow and EBITDA.
A: Prices around world going up, cash conversion rate expected to improve.
Q: Lasting impact of conflict on supply side.
A: Most assets can be repaired within timeframe.
Q: Impact of conflict on non-polyolefin derivatives.
A: Ethylene, polyethylene, etc. affected.
Q: Future of Sadara.
A: Working on restructuring, focus on leverage and balance sheet issues.
Q: Implication of $0.26 global margin expansion for announced price increases.
A: Includes April price increase but not May, May presents upside to guide
Key numbers
Reported versus consensus
Earnings calendar feed
| Metric | Reported | Consensus | Delta | Prior year |
|---|---|---|---|---|
| EPS | $-0.14 | $-0.39 | +64.1% | $0.02 |
| Revenue | $9.79B | $9.66B | +1.4% | $10.43B |
Transcript
April 23, 2026Full transcript unavailable for redistribution
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