Midland, Michigan – Dow sales were $15.2bn in the first quarter of 2022 up 28.3% on the same period last year. Operating EBIT across the business was up 55.7% to $2.4bn.
Strong Q1 at Dow, but Sadara maintenance takes off shine
CEO Jim Fitterling said: 'Despite higher energy costs, we captured healthy end-market demand and achieved solid volume growth, price gains and margin expansion.' He added that the company's balanced and disciplined capital allocation approach had been important in generating the result.
In the company's industrial intermediates & infrastructure business, which includes its polyurethane and construction chemicals business, sales rose by 25.4% to $4.5bn in Q1 2022, compared with $3.6bn in the equivalent period in 2021.
Operating EBIT in the division rose by 102.8% to $661m in Q1 2022, compared with $326m in the equivalent period in 2021.
The gains in the polyurethane and construction chemicals business were driven by higher prices, but net sales dropped through the quarter as they were hit though by planned maintenance at Sadara. This reduced the availability of product.