Dow Inc reported Q3 2024 revenue of $10.879 billion, up 1.39% year over year but down 0.33% quarter over quarter. The company posted a gross profit of $1.07 billion and a net income of $214 million, translating to a net margin of approximately 1.97% and an EPS of $0.30. Profitability declined meaningfully versus the prior year, as gross margin (about 9.84%) and operating margins (3.58%) remained under pressure despite a high single-digit EBITDA of $1.264 billion. Free cash flow was negative at about $(57) million for the quarter, with operating cash flow of $800 million and capex of $857 million, signaling ongoing capital intensity and working-capital dynamics that influenced liquidity generation.
From a balance sheet perspective, Dow held cash and cash equivalents of roughly $2.88 billion and total assets near $59.39 billion. Total debt stood at about $17.91 billion, with net debt around $15.03 billion, and leverage metrics showing a debt-to-equity ratio of 0.98 and a debt ratio of 0.30. Liquidity and coverage ratios suggest a solid liquidity position but a constrained free-cash-flow profile in this quarter, highlighting the cyclical nature of Dow’s end-markets and the need for continued efficiency and productivity gains. Management commentary on ongoing price recovery, cost discipline, and supply-demand dynamics was not captured in the provided transcript data, limiting visibility into qualitative upside signals for the near term.
Overall, the QQ3 2024 results present a cautious tone: revenue momentum is modest, profitability is challenged by input and overhead costs, and cash generation remains constrained by capital expenditure and working-capital needs. Investors should monitor commodity pricing, energy costs, productivity initiatives, and any shifts in demand for Dow’s coatings, packaging, and specialty plastics end-markets as catalysts or headwinds for the next quarters.