In this week's C&EN, this article from Alex Tullo:
Dow finished 2021 with improvement across all its businesses. The only obstacles to its performance were higher raw material prices and supply chain constraints, which will likely be headwinds noted by other chemical companies when they disclose results in the coming weeks.
For the year, Dow’s sales rose 42.6% from 2020—a year when the global economy was severely affected by COVID-19—hitting $55.0 billion. Earnings over the same period, excluding one-time charges, jumped 449%, to $6.8 billion.
Improvement in the fourth quarter was a little less dramatic. Sales for that period increased 34.2% from the same quarter in 2020, and earnings swelled 166%.
A couple of recent challenges were evident in Dow’s report. For example, its largest business, packaging and specialty plastics, saw a 3% decline in fourth-quarter sales volumes from a year earlier due to supply constraints in Asia. Operating earnings in the business slipped from the third quarter due to higher raw material and energy costs...
Will be interesting to see when the supply chain mess begins to untangle itself.