Dow recently reported that its first quarter of 2023 saw a decline in sales, volume, local price, and earnings per share compared to the year-ago period. Sequentially, however (compared to the previous quarter), gains in the Performance Materials and Coatings operating segment helped to offset some of the losses.
First quarter 2023 net sales were $11.9 billion, down 22% from the year before. Sales were down over all operating segments with losses driven by slower global macroeconomic activity. Volume decreased 11% versus the year-ago period, led by a 15% decline in Europe, the Middle East, Africa, and India (EMEAI). Sequentially, volume increased by 2%, again due to gains in the Performance Materials & Coatings and Packaging & Specialty Plastics segments. Local price declined 10% from the year-ago period and 4% sequentially due to industry supply additions during soft global economic conditions. Earnings per share were $0.58 compared to $2.34 last year and $0.46 in the previous quarter.