7/23/2020, 12:09 PM (Source: TeleTrader)
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Chart for: Dow Inc

Dow Inc's revenue down 24% YoY to $8.3B in Q2

Dow Inc released on Thursday its financial report for the second quarter of fiscal 2020, revealing that the company's net sales landed at $8.35 billion, a 24% fall compared to the same period last year. Dow's diluted loss per share in the second quarter was $0.31 while the company reported earnings per share of $0.10 for the same period last year. Cash provided by operating activities - continuing operations reached $1.6 billion, up by $639 million or 66.6% on an annual basis.

"Recognizing the significant impact that COVID-19 would have on demand in the quarter, Dow took proactive actions to electively focus on cash and maintain our financial strength with a continued emphasis on safe, reliable operations and disciplined capital allocation. As a result, Dow once again generated higher cash flow in the quarter," the company's Chairman and Chief Executive Officer Jim Fitterling (pictured) said in a statement, in which he also announced a 6% global workforce cut.

Company shares traded 1.58% higher at 6:30 am ET in the premarket upon the release of the report.

Breaking the News / BU