Dow reports record sales, return to profit
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Manufacturing News, Source : TheManufacturer.com
Published : 02 Feb 2004 22:12
Midland, MI-based chemicals group Dow Chemical reported record sales and a return to profit in 2003, despite a 33 percent increase in materials and energy costs.
Sales increased to $32.6 billion, up 18 percent compared with 2002 sales of $27.6 billion, while net income rose to $1.7 billion, compared with a loss of $338 million a year ago.
Commenting on the company's results, Chairman and Chief Executive William Stavropoulos said, “Despite extended trough conditions in the chemical industry, and continued high feedstock and energy costs, Dow employees took strong action to turn our financial performance around in 2003. We reduced our structural costs by more than $600 million, compared with 2002, exceeding our goal of a $400 million reduction. We improved our working capital management substantially and held capital spending to $1.1 billion.
"Looking into 2004, we expect that stronger global economic growth will improve chemical industry demand, tightening industry supply/demand balances," said Stavrapoulos. “However, there is still uncertainty due to feedstock and energy costs which remain high and volatile. Throughout this year, Dow employees will take 2004 one quarter at a time, continuing the focus on improving our earnings and financial strength."
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