Dow Posts Wider Loss In Q1

(RTTNews) - Dow (DOW) reported a first quarter net loss of $445 million compared to a loss of $290 million, prior year. Loss per share was $0.74 compared to a loss of $0.44. Operating EBITDA declined to $873 million from $944 million, last year. Operating loss per share was $0.14 compared to profit of $0.02. The company noted that the operating per share result excludes significant items totaling $0.60 per share, driven by an adjustment to the Sadara guarantee liability and taxes associated with receipt of payment from NOVA Chemicals related to the company's ongoing litigation.

Net sales were $9.8 billion, down 6% year-over-year, reflecting flat sales in Performance Materials & Coatings and declines in the other operating segments. Volume decreased 2% year-over-year, driven by declines in Industrial Intermediates & Infrastructure, which was impacted by the Middle East conflict.

In pre-market trading on NYSE, Dow shares are down 1.13 percent to $38.38.

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