Dow Inc. (NYSE:DOW) Q3 2023 Earnings Conference Call October 24, 2023 8:00 AM ET

Company Participants

Pankaj Gupta - IR, VP

Jim Fitterling - Chairman and CEO

Howard Ungerleider - President and CFO

Conference Call Participants

Hassan Ahmed - Alembic Global

David Begleiter - Deutsche Bank

Vincent Andrews - Morgan Stanley

Jeff Zekauskas - JPMorgan

Frank Mitch - Fermium

Kevin McCarthy - Vertical Research Partners

Steve Byrne - Bank of America

John McNulty - BMO Capital Markets

Josh Spector - UBS

Patrick Cunningham - Citigroup

Arun Viswanathan - RBC Capital Markets

Duffy Fischer - Goldman Sachs

Aleksey Yefremov - KeyBanc

Laurence Alexander - Jefferies

Mike Leithead - Barclays

Operator

Greetings, and welcome to the Dow Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I will now turn the call over to Dow Investor Relations, Vice President, Pankaj Gupta. Mr. Gupta, you may begin.

Pankaj Gupta

Good morning. Thank you for joining today. The accompanying slides are provided through this webcast and posted on our website. I'm Pankaj Gupta, Dow Investor Relations, Vice President; and joining me are Jim Fitterling, Dow's Chair and Chief Executive Officer; and Howard Ungerleider, President and Chief Financial Officer.

Please note our comments contain forward-looking statements and are subject to the related cautionary statements contained in the earnings news release and slides. Please refer to our public filings for further information about principal risks and uncertainties.

Unless otherwise specified, all financials, where applicable, exclude significant items. We will also refer to non-GAAP measures. A reconciliation of the most directly comparable GAAP financial measure and other associated disclosures are contained in the earnings news release and slides that are posted on our website.

On Slide 2, you will see the agenda for our call. Jim will review our third quarter results and operating segment performance. Howard will provide an update on our cost savings actions and financial position and share our outlook and modeling guidance. To close, Jim will outline how our long-term growth and sustainability roadmap continues to enable value creation as we navigate challenging short-term dynamics. Following that, we will take your questions.

Now let me turn the call over to Jim.

Jim Fitterling

Thank you, Pankaj.

Beginning on Slide 3. For the third quarter, we continued to advance our long-term strategy while also taking action to reduce costs and maximize cash generation in the face of slow global macroeconomic activity and higher sequential feedstock costs. In particular, we continue to implement targeted actions to deliver $1 billion in cost savings in 2023 and delivered a sequential improvement to operating cash flow of more than $300 million.