The company was able to increase its sales volumes, in particular within the EMLA and APAC regions, with the former benefiting from higher plant availability. Due to lower average selling prices associated with lower raw material prices being passed on to customers, sales fell slightly.
According to the CEO, "Dow once again delivered top-quartile performance in our annual benchmarking on three-year average cash flow, margins, return on invested capital and shareholder remuneration."
Although sales are still down since the previous year, the good start into the year gives the company confidence that it can achieve its targets for the fiscal year.
The company recorded third-quarter net sales that were up 0.4% from the prior year. The company expects the next quarter consolidated sales to be approximately flat compared to prior-year record results.
"We delivered significant year-over-year cash flow improvement in 2023, including a strong fourth quarter finish, which underscores our ongoing prioritization of working capital management," said Ed Breen, DuPont Executive Chairman and Chief Executive Officer.
Highlights of the results include a net sales increase of 4.9% year-over-year to $1.3 billion, a net income increase of $30 million year-over-year to $74 million, and an adjusted EBITDA increase of $43 million year-over-year to $251 million.
Highlights of the report include a 12% volume growth and 5.5% value growth in the company's Decorative Business segment in addition to showing a consistent double-digit volume growth trend on a four-year CGR basis.
