NYSE$DOW
Dow Inc. · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
Dow's financial performance declined due to lower prices and demand, but was partially offset by cost savings and strong demand in specific sectors.
Dow's first quarter 2020 results reflect a challenging environment with net sales down 11% year-over-year due to lower prices and a 2% volume decline. The company saw demand growth in specific sectors like food packaging and cleaning products, but overall earnings were impacted by margin compression and equity losses. Despite these challenges, Dow generated solid cash flow and maintained a strong liquidity position.
- GAAP earnings per share was $0.32; Operating EPS was $0.59, excluding significant items.
- Net sales were $9.8 billion, down 11% versus pro forma results in the year-ago period, primarily driven by lower local prices.
- Cash provided by operating activities from continuing operations was $1.2 billion, up $193 million versus the year-ago period.
- Returns to shareholders totaled $643 million, including dividends and share repurchases.
Headline financials
Revenue & EPS history
Dow · Revenue · Quarterly
$9.77B
Revenue by segment
Dow · $9.77B total across 4 segments · Q1 2020
- Packaging & Spec. Plastics$4.61B-10.3%47.2%
- Industrial & Infra$3.05B-12.7%31.2%
- Performance Materials$2.07B-11.0%21.1%
- Corporate$51M-26.1%0.5%
Forward guidance
Dow anticipates a gradual recovery starting in May/June, contingent on the sustainable reopening of global economies and is taking proactive measures to bolster its financial position by reducing capital expenditures, trimming operating expenses, and optimizing working capital.
Tailwinds
- Gradual and sustainable return of global economic activity is expected.
- Reopening of economies in May and June is anticipated.
- Further reducing capital expenditure target to $1.25 billion.
- Trimming operating expenses by $350 million.
- Unlocking another $500 million from working capital.
Headwinds
- Full extent of the impact of the pandemic in major geographies is still being determined.
- Virus continues to spread.
- Select manufacturing units are being temporarily idled.
- Markets more severely affected by restrained economic activity.
- Global economic rebounds are uncertain.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2020
-1.0%
Avg return
Earnings day
-0.1%
Avg return
5 days after
-1.5%
Avg return
30 days after
42%
14 / 33 earnings
Positive
+13.0%
Q3 2025
Best reaction
-9.4%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.8% | -2.1% | -7.2% | |
| Q4 2025 | -1.9% | +9.8% | +10.6% | |
| Q3 2025 | +13.0% | +17.0% | +2.3% | |
| Q2 2025 | +2.0% | +2.7% | +9.2% | |
| Q1 2025 | +2.6% | +5.7% | -2.3% | |
| Q4 2024 | -6.1% | -6.1% | -7.2% | |
| Q3 2024 | -3.5% | -3.9% | -11.7% | |
| Q2 2024 | -0.9% | +0.7% | +0.4% | |
| Q1 2024 | +0.5% | -0.1% | +1.4% | |
| Q4 2023 | +1.8% | +2.6% | +6.2% | |
| Q3 2023 | -1.5% | -0.3% | +6.6% | |
| Q2 2023 | +2.2% | +5.5% | +1.9% | |
| Q1 2023 | -5.1% | -1.8% | -9.1% | |
| Q4 2022 | +1.9% | +2.5% | -0.2% | |
| Q3 2022 | +3.9% | +6.0% | +10.9% | |
| Q2 2022 | -3.2% | -2.4% | +5.6% | |
| Q1 2022 | +1.4% | -0.3% | +0.8% | |
| Q4 2021 | +4.9% | +8.0% | +4.2% | |
| Q3 2021 | -2.5% | -2.0% | -4.3% | |
| Q2 2021 | +0.6% | +3.7% | +1.9% | |
| Q1 2021 | -4.2% | -3.3% | +6.2% | |
| Q4 2020 | -4.6% | +0.4% | +9.0% | |
| Q3 2020 | -0.0% | -4.1% | +12.7% | |
| Q2 2020 | -3.9% | -3.9% | -1.7% | |
| Q1 2020 | -9.4% | -10.9% | +3.0% | |
| Q4 2019 | +2.8% | -0.9% | -14.3% | |
| Q3 2018 | +3.5% | +3.2% | +9.6% | |
| Q3 2019 | +6.9% | +9.0% | +14.8% | |
| Q2 2019 | -7.0% | -8.3% | -22.9% | |
| Q4 2017 | -7.0% | -8.3% | -22.9% | |
| Q4 2018 | -7.0% | -8.3% | -22.9% | |
| Q2 2018 | -7.0% | -8.3% | -22.9% | |
| Q1 2019 | -5.0% | -5.7% | -16.7% | |
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