Dow Inc - DOW STOCK NEWS

Dow reported a GAAP loss per share of $0.13 and operating earnings of $0.58 for Q1 2023, significantly down from $2.34 a year ago. The net sales fell 22% year-over-year to $11.9 billion, attributed to a 11% volume decrease and a 10% local price decline. Equity losses were $48 million, a stark contrast to $174 million in earnings last year. Operating EBIT was $708 million, down from $2.4 billion in Q1 2022. Cash flow from operations decreased by $1.1 billion year-over-year. Despite these challenges, the company is on track to achieve $1 billion in cost savings by year-end. Dow maintains a strong liquidity position and emphasizes ongoing efforts to enhance its cash generation capabilities.

DOW is enhancing its sustainability efforts by collaborating with suppliers to implement circular business practices aimed at resource conservation, particularly water. Recently, a partnership with Geostick, a label supplier, unveiled a recycling initiative for label backing paper which previously contributed to landfill waste. This collaboration with Cycle4Green and Lenzing Paper allows for recycling into new paper products, significantly reducing the need for virgin raw materials.

Notably, the recycling process saves an estimated 59,455 gallons of water per metric ton and reduces CO₂ emissions by 1.5 metric tons for every 1,000 kilograms of liner recycled. DOW is promoting this model across Europe and North America, illustrating its commitment to driving a circular economy and optimizing limited resources.

DOW announced the launch of its innovative washing technology, EVOWASH™, aimed at enhancing the quality of post-consumer recycled (PCR) plastic resins. This technology addresses challenges in mechanical recycling by improving the cleaning process for recycled plastics, which is crucial for effective contamination removal. EVOWASH™ comprises biodegradable detergents and antifoams that optimize adhesive removal and minimize foam generation during washing. This supports a circular economy by maximizing water reuse and improving recycling rates, thereby aligning with DOW's sustainability goals. The technology has shown to comply with local regulations even in extended discharge cycles.

DOW has implemented a new water recycling initiative at its Kankakee, IL coatings plant, achieving a 30% reduction in annual wastewater generation and a 14% decrease in water consumption. The project saves the company $100,000 annually and enables the plant to recycle its reverse osmosis (RO) reject water, previously wasted. This high-concentration stream is now redirected into the plant's water supply, allowing for efficient manufacturing processes with acceptable water quality. Identified as a best practice, this initiative has been nominated for a Sustainable Environmental Engagement at Dow (SEED) Award and reflects a positive approach to sustainability while enhancing operational efficiency.

Dow (NYSE: DOW) held its 2023 Annual Meeting of Stockholders on April 13, where it declared a quarterly dividend of 70 cents per share, payable on June 9 to shareholders of record by May 31. This marks the 447th consecutive dividend paid since 1912. Stockholders elected multiple directors for one-year terms, including Richard K. Davis as independent lead director. Notably, they rejected proposals for an Independent Board Chairman and a report on single-use plastics. The meeting approved the advisory resolution on executive compensation and ratified Deloitte & Touche LLP as the independent auditor for 2023. Dow's board is recognized for its diversity, with nearly 60% women or ethnic minorities. Final voting results will be filed in a Form 8-K. Dow's commitment to sustainability continues with future reports on environmental initiatives.

DOW has entered a partnership with Water.org to enhance access to safe water and sanitation in Querétaro, Mexico, on World Water Day. The collaboration aims to provide affordable financing options, including small loans, which will empower local communities to implement sustainable solutions like rainwater harvesting. The initiative supports areas with severe water scarcity, promoting health and well-being for families. This partnership aligns with DOW's commitment to social responsibility and environmental sustainability, providing lasting resources for those in need.

April 5, 2023 - DOW and Rivers are Life have launched a collaborative initiative titled 'Voices of Water.' This project highlights the stories of individuals working to combat pollution in rivers and emphasizes the significance of maintaining healthy waterways for both ecosystems and climate stability.

The joint effort seeks to inspire global action, aiming to support 1,000 projects focused on preserving and restoring river ecosystems. By raising awareness about river plastic pollution, DOW and Rivers are Life are committed to addressing the issue at its source.

DOW has joined forces with the UN and other companies on World Water Day to support the UN Sustainable Development Goals, particularly focusing on Clean Water and Sanitation. This initiative coincides with the UN 2023 Water Conference, aimed at addressing water issues intensified by climate change. The Water Resilience Coalition, led by CEOs, aims to impact over 100 water-stressed basins by 2030. Dow emphasizes the importance of healthy communities for resilient businesses and commits to sharing insights and collaborating to sustainably manage freshwater resources.