Jan. 25, 2024, Dow reports fourth quarter 2023 results. Net sales were $10.6 billion, down 10% versus the year-ago period, reflecting declines in all operating segments due to slower global macroeconomic activity. Sales were down 1% sequentially, as price and volume gains in Packaging & Specialty Plastics were more than offset by seasonal demand declines in Performance Materials & Coatings.

Packaging & Specialty Plastics segment net sales in the quarter were $5.6 billion, down 7% versus the year-ago period. Local price decreased 11% year-over-year, driven by lower prices globally. Currency increased net sales
by 1%. Volume increased 3% year-over-year, led by higher packaging demand, primarily in the U.S. & Canada and Latin America. On a sequential basis, net sales increased by 3% led by higher merchant sales of hydrocarbons, as well as higher polyethylene prices in all regions.

Dow's full-year 2023 net sales were $44.6 billion, compared to $56.9 billion in 2022.                            

GAAP net income was $660 million, down from $4.6 billion in 2022.         

Operating EBIT was $2.8 billion, down from $6.6 billion last year.                    

Cash provided by operating activities was $5.2 billion, compared to $7.5 billion in 2022. In 2023, the company provided shareholders with a return of $2.6 billion through a $2 billion dividend and a $625 million share buyback.

Jim Fitterling, chair and chief executive officer, commented on the quarter:
 

Weak demand for industrial and durable goods is expected to continue into the first quarter of this year, and the company expects early signs of recovery in the construction, automotive and consumer electronics sectors. It also advances Dow's Decarbonize & Grow and Transform the Waste strategies. These projects are expected to generate more than $3 billion in underlying earnings annually by 2030.