Dow(US:DOW) DT新材料·2025-07-24 15:41Core Viewpoint - Dow Chemical reported a significant decline in performance across all departments for Q2, reflecting a broader market downturn similar to BASF's 81% drop in net profit [1][2]. Financial Performance Summary - Net Sales: $10.104 billion, down 7% year-on-year and down 3% quarter-on-quarter [2][10]. - Volume: Decreased by 1% year-on-year and 2% quarter-on-quarter, with growth in the US and Canada offset by declines in Europe, the Middle East, Africa, and India [3]. - Prices: Fell by 7% year-on-year and 3% quarter-on-quarter due to pressure on global chemical product prices [4]. - GAAP Net Loss: $801 million, compared to a profit of $458 million in the same quarter last year, resulting in a total loss of $1.091 billion for the first half of the year [5][10]. - Operating EBIT: Loss of $21 million, down from a profit of $819 million year-on-year, primarily due to price declines and reduced equity earnings [5][10]. - Cash Flow from Operations: Negative $470 million, a decrease of $1.3 billion year-on-year, indicating significant pressure on profit margins [6][10]. Departmental Performance - Packaging and Specialty Plastics: - Net Sales: $5.0 billion, down 9% year-on-year [11][12]. - Operating EBIT: $71 million, down 89% year-on-year [11][12]. - Industrial Intermediates and Infrastructure: - Net Sales: $2.786 billion, down 5.6% year-on-year [13]. - Operating EBIT: Loss of $185 million, compared to a profit of $7 million in the same quarter last year [13]. - High Performance Materials and Coatings: - Net Sales: $2.129 billion, down 5% year-on-year but up 3% quarter-on-quarter [14][15]. - Operating EBIT: $152 million, a slight increase year-on-year [14][15]. Future Outlook - Dow Chemical anticipates improvements from recent growth projects and long-term strategic investments, which are expected to enhance its position in higher-value applications and attractive end markets [16]. - The company is optimizing its asset base by shutting down three upstream assets in Europe and selling its 50% stake in a joint venture, continuing a series of over 20 asset actions initiated since 2023 [16][17].