Dow Chemicals reported a net loss from continuing operations of $217 million in the second quarter of 2020, down from a profit of $258 million in the first quarter and a $90 profit a year earlier. Operating EBIT fell from $1.1 billion in Q2 2019 to $57 million in Q2 2020. Net sales plunged 24% to $8.4 billion over the same period, while sales volume declined 9%, due to weak demand for durable goods which offset rising demand for food packaging, health and hygiene, home care, and pharma applications.
Net sales from Dow’s Packaging & Specialty Plastics division fell 23% from a year earlier to $4 billion in Q2. The segment’s operating earnings fell from $74 million a year earlier to $20 million in Q2, while operating EBIT was down from $768 million to $318 million.
Net sales from the Industrial Intermediates & Infrastructure division decreased 28% year-on-year to $2.4 billion in Q2. The segment posted equity losses of $113 million, swelling from $78 million losses in a year earlier. Meanwhile, operating EBIT fell to a loss of $220 million from $154 million earnings a year earlier.
Net sales of Dow’s Performance Materials & Coatings segment fell 21% year-on-year to $1.9 billion in Q2. The division reported equity earnings of $2 million, rising from $1 million over the same period, while operating EBIT decreased from $214 million to $27 million.
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Published on July 28, 2020 3:30 PM (GMT+8)Last Updated on July 28, 2020 3:30 PM (GMT+8)
