The following is a summary of the Dow Inc. (DOW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Dow's net sales in Q1 were $10.8 billion, a decrease of 9% year-over-year, and an increase of 1% sequentially.

• The company had an operating EBIT for the quarter of $674 million, representing a $34 million decrease year-over-year, but an improvement of $115 million sequentially.

• Cash flow from the quarter's operations stood at $460 million, resulting in a 94% cash-flow conversion on a trailing 12-month basis.

• For the second quarter, the company anticipates earnings to improve by about $200 million compared to the first quarter.

Business Progress:

• The company is making near-term investment efforts towards higher-value and lower-risk growth ventures, expected to result in approximately $2 billion in additional underlying EBITDA by mid-decade.

• Construction has begun on the Path2Zero project in Fort Saskatchewan, Alberta, expected to yield an extra $1 billion per year in mid-cycle EBITDA growth.

• The company plans to advance its waste transformation strategy and projects possible revenue of over $500 million from EBITDA by 2030.

• Dow Inc.'s volume grew by about 76% globally in the first quarter of 2024 due to increased demand and lower energy costs in numerous regions.

• The company has a favourable outlook on global market trends for their products and plans to accelerate investment in Alberta's hydrogen-fueled cracker project and Mura pyrolysis feedstock.

• Dow projects an annual EBITDA run rate of approximately $6.3 billion-$6.5 billion, with a mid-cycle increase to around $9 billion, chiefly through volume recovery.

• Demand and pricing for Dow's silicone products have improved across all downstream markets, including building and infrastructure, personal care, industrial and chemical processing, mobility, and consumer electronics.

More details: Dow Inc IR

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