陶氏三季度净销售额113亿美元增13%：经营每股收益0.71美元扭亏 经营现金流18亿美元
米德兰——材料科学公司陶氏（Dow，纽交所：DOW）10月22日发布2026年第三季度业绩：当季净销售额113亿美元（精确值112.67亿美元），同比增长13%（上年同期99.73亿美元），公司称各经营板块销售额均有增长。当季本地价格同比上涨14%，由包装与特种塑料板块领涨、各地区聚乙烯价格均有上升；汇率同比基本持平；销量同比下降1%，公司称除亚太地区外各地区销量均有增长，亚太地区受中东冲突影响最为明显。
盈利方面，当季按美国通用会计准则（GAAP）计算的净利润为5.25亿美元（上年同期1.24亿美元）；经营息税前利润（Op. EBIT）8.87亿美元，同比增加7.07亿美元，公司称主要得益于价格上涨以及公司「自助」行动的收益，超过了原材料与物流成本上升的影响。GAAP每股收益0.62美元（上年同期0.08美元）；经营每股收益0.71美元，上年同期为每股亏损0.19美元；经营每股收益剔除了每股0.09美元的重大项目，公司称主要与「自助」行动相关成本有关。
现金流方面，当季持续经营业务提供的现金18亿美元（精确值18.39亿美元），同比增加7.09亿美元、环比增加5.15亿美元；自由现金流11亿美元，过去十二个月现金转化率为84%。当季以股息形式向股东返还2.53亿美元。
分板块看，包装与特种塑料净销售额57.78亿美元，同比增长18%，本地价格上涨17%、销量增长1%，经营息税前利润5.85亿美元，同比增加3.86亿美元；工业中间体与基础设施净销售额30.58亿美元，增长8%，本地价格上涨16%、销量下降7%，经营息税前利润1.76亿美元，同比增加2.23亿美元（上年同期为亏损4,700万美元）；功能材料与涂料净销售额22.50亿美元，增长8%，本地价格上涨5%、销量增长3%，经营息税前利润1.54亿美元，同比增加7,400万美元。
首席执行官 Karen S. Carter 表示：「陶氏交出了一个稳健的三季度，靠的是有针对性的下游增长和在不断演变的宏观背景下的纪律执行。」她表示，公司在转型计划上正按计划实现2026年上调至7亿美元的增长与生产率收益、以及到明年年底总计约20亿美元的提升；当季释放了4亿美元以上的营运资金，今年以来已削减债务约6亿美元。在展望部分，她表示公司的「自助」行动有望在2026年和2027年各带来10亿美元以上的 EBITDA 提升。
陶氏总部位于密歇根州米德兰，在29个国家设有生产基地，截至2025年底员工约34,600人，2025年销售额约400亿美元。公司三季度业绩电话会定于美东时间10月22日上午8时举行。（GSM 据陶氏10月22日经 PR Newswire 发布的官方新闻稿）
Dow Q3 Net Sales Rise 13% to $11.3 Billion; Operating EPS $0.71 Swings from Year-Ago Loss as Operating Cash Flow Reaches $1.8 Billion
MIDLAND, Mich. — Dow (NYSE: DOW) on October 22 reported third-quarter 2026 results: net sales were $11.3 billion ($11,267 million), up 13% year over year from $9,973 million, with increases in all operating segments. Local price increased 14% versus the year-ago period, led by gains in Packaging & Specialty Plastics, with higher polyethylene prices in all regions; currency was flat; and volume decreased 1%, reflecting higher volumes in all regions except Asia Pacific, where impacts from the Middle East conflict are most pronounced, the company said.
GAAP net income was $525 million, compared with $124 million a year earlier. Operating EBIT was $887 million, up $707 million year over year, driven primarily by higher prices and benefits from the company's collective self-help actions, which more than offset higher raw materials and logistics costs. GAAP earnings per share were $0.62, versus $0.08 a year earlier; operating EPS was $0.71, compared with a loss of $0.19 in the year-ago period, excluding significant items totaling $0.09 per share, primarily costs associated with the self-help actions.
Cash provided by operating activities from continuing operations was $1.8 billion ($1,839 million), up $709 million year over year and up $515 million sequentially; free cash flow was $1.1 billion, with a trailing twelve-month cash flow conversion of 84%. Returns to shareholders totaled $253 million of dividends in the quarter.
By segment, Packaging & Specialty Plastics net sales were $5,778 million, up 18%, with local price up 17% and volume up 1%; operating EBIT was $585 million, up $386 million. Industrial Intermediates & Infrastructure net sales were $3,058 million, up 8%, with local price up 16% and volume down 7%; operating EBIT was $176 million, up $223 million from a loss of $47 million a year earlier. Performance Materials & Coatings net sales were $2,250 million, up 8%, with local price up 5% and volume up 3%; operating EBIT was $154 million, up $74 million.
"Dow delivered a solid third quarter, driven by targeted downstream growth and disciplined execution against an evolving macro backdrop," said Karen S. Carter, Dow's chief executive officer. She said the company is on track to achieve the upsized $700 million in growth and productivity benefits in 2026 and approximately $2 billion in total uplift by the end of next year, released more than $400 million of working capital during the quarter, and reduced debt by approximately $600 million year-to-date. In its outlook, the company said its self-help actions are on track to deliver more than $1 billion of EBITDA uplift in both 2026 and 2027.
Dow, based in Midland, Michigan, operates manufacturing sites in 29 countries and employed approximately 34,600 people as of year-end 2025; it delivered sales of approximately $40 billion in 2025. The earnings call was scheduled for 8:00 a.m. Eastern Time on October 22. (GSM, from Dow's official press release via PR Newswire, October 22)
来源：GSM·美国（原文链接）
图片来源：图：密歇根州米德兰的陶氏工厂与总部航拍（资料图）。照片：Doc Searls，CC BY 2.0，经Wikimedia Commons。Aerial view of the Dow Chemical plant and headquarters in Midland, Michigan (file photo). Photo: Doc Searls, CC BY 2.0, via Wikimedia Commons.
