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Dow Reports Fourth Quarter And Full-Year Results

Performance Materials

Sales in Performance Materials were $3.4 billion, down 5 percent versus the year-ago period. Volume declined 2 percent and price declined 3 percent on an adjusted basis compared with the same period last year. Europe, Asia Pacific and Latin America all reported price and volume declines. Double-digit volume gains in Polyurethanes, Amines and Oxygenated Solvents drove sales growth in North America.

Propylene Oxide / Propylene Glycol sales declined, driven primarily by lower prices in all regions. Polyurethane sales were lower principally due to the shutdown of toluene diisocyanate capacity in Brazil. Sales declined in Polyglycols, Surfactants and Fluids due to lower volume in Europe and Asia Pacific. Volume gains in Oxygenated Solvents and Chlorinated Organics were more than offset by lower prices in all geographic areas. Revenue increased in Epoxy, due to new Liquid Epoxy Resin capacity in Europe, as well as higher Phenolics sales.

Equity losses for the quarter were $25 million. The segment reported EBITDA losses of $137 million on a reported basis, or EBITDA of $267 million on an adjusted basis. This compares with EBITDA of $225 million, or $344 million on an adjusted basis during the year-ago period.

Performance Plastics

Sales in Performance Plastics were $3.7 billion, up 1 percent compared with the same quarter last year. Price increased 2 percent, as volume declined 1 percent. Volume gains were achieved in North America, Latin America and Asia Pacific.

Fourth quarter sales increased in Performance Packaging, driven by gains in North America and Latin America. Performance Packaging volumes declined in Europe, Middle East and Africa (EMEA), partially offset by increases in North America. EMEA recorded the most price improvement over the same quarter last year.

Dow Elastomers sales declined versus the year-ago period, despite volume growth in North America, Latin America, and Asia Pacific. Dow Electrical and Telecommunications sales were down as increases in Asia Pacific were offset by declines in other areas. Dow Hygiene and Medical increased both volume and price in the quarter, with double-digit volume gains in Latin America and Asia Pacific.

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