Dow reports first quarter 2023 results
Jim Fitterling, chairman and chief executive officer, commented on the quarter:
“Team Dow demonstrated its agility and remained disciplined through challenging macroeconomic conditions – leveraging our structurally advantaged feedstock positions, focusing on higher-value products where demand remained resilient, and aligning our operating rates with market dynamics. Our actions to deliver $1 billion in cost savings in 2023 are progressing, reinforcing our low-cost-to-serve operating model and continuing to maximize cash flow generation. With ample liquidity and financial flexibility, execution of our strategy is on track as we advance our disciplined and balanced capital allocation priorities for long-term value creation.
“Additionally, the annual benchmarking we published today reflects our differentiated portfolio and our disciplined and balanced capital allocation track record. Focused on industry-leading cash generation, Dow delivered best-in-class free cash flow yield on a three-year average and net debt reduction since spin. We also achieved above-peer median three-year average EBITDA margins, return on invested capital, and returns to shareholders, supported by our investments in higher-return, faster-payback and lower-risk projects.”
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