In the second quarter of 2024, Dow's net sales fell by 4.4% year-on-year, from $11.4 billion to $10.9 billion. However, sales increased by 1% compared to the first quarter, driven by gains in performance materials & coatings and packaging & specialty plastics. Volumes rose 1% both year-on-year and from the previous quarter, marking the third consecutive quarter of volume growth.
In Dow's industrial intermediates & infrastructure segment, which includes polyurethanes, sales dropped 7.1% from $3.18 billion in the second quarter of 2023 to $2.95 billion this year. Despite a 1% year-on-year increase in volume and a rise in operating EBIT to $7 million from a $35 million loss, net sales fell 2% from the first quarter. Volume gains in industrial solutions were offset by declines in polyurethanes & construction chemicals, mainly in the US and Canada, partly due to an outage at a third-party supplier.
The pace of the global macroeconomic recovery has been slower than expected. While near-term demand in many markets that we serve is growing, building & construction and consumer durables are unlikely to significantly change in 2024.
Source: The Dow Chemical Company
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