0001751788-26-000144
SEC filingDow二季度营收利润大幅增长，聚乙烯涨价与自助计划驱动盈利强劲反弹。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $12,092M | $10,104M | +20% |
| GAAP Income (Loss), Net of Tax | $802M | $(801)M | +$1,603M |
| Operating EBIT (Non-GAAP) | $1,648M | $(21)M | +$1,669M |
| Operating EBITDA (Non-GAAP) | $2,312M | $703M | +$1,609M |
| GAAP Earnings (Loss) Per Share | $0.99 | $(1.18) | +$2.17 |
| Operating Earnings Per Share (Non-GAAP) | $1.44 | $(0.42) | +$1.86 |
| Cash Provided by Operating Activities - Cont. Ops | $1,324M | $(470)M | +$1,794M |
分部业绩
| 分部 | 净销售额 | 同比 | Op. EBIT | 同比 |
|---|---|---|---|---|
| Packaging & Specialty Plastics | $6,385M | +27% | $1,278M | +$1,207M |
| Industrial Intermediates & Infrastructure | $3,166M | +14% | $246M | +$431M |
| Performance Materials & Coatings | $2,361M | +11% | $133M | -$19M |
简评
Dow 二季度业绩强劲反弹，净销售额 $12.1B 同比大增 20%，GAAP 净利润 $802M 较去年同期亏损 $801M 大幅扭亏。核心驱动为聚乙烯价格全区域上涨，带动 Packaging & Specialty Plastics 分部净销售同比 +27%、Op. EBIT 达 $1.3B；Industrial Intermediates & Infrastructure 分部 Op. EBIT 亦扭亏至 $246M。公司自助计划（self-help initiatives）贡献显著，Op. EBIT 同比增加 $1.7B，其中价格因素与成本削减为主要推动力。
利润率方面，Op. EBITDA 达 $2.3B，同比 +$1.6B，反映聚乙烯涨价带来的利润率扩张。Performance Materials & Coatings 分部 Op. EBIT 同比下滑 $19M，主因 Barry, U.K. 上游硅氧烷工厂关停及检修活动推高固定成本。经营现金流 $1.3B，同比 +$1.8B，自由现金流 $692M，显示盈利改善有效转化为现金。管理层将 Transform to Outperform 全年收益预期上调至大于 $1.3B，较原计划增加约 $200M，并强调下半年至 2027 年效益将持续放大。季度股息 $253M，资产负债表稳健，现金及等价物 $3,973M。