Dow Chemical Co Earnings Call Nuggets: Potential Downtime and Performance Materials Business
Dow Chemical Co (NYSE:DOW) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.
John McNulty – Credit Suisse: Just first one with regard to the plastics business, you had some downtime last year you have like Charles up now. How should we be thinking about potential downtime for this year and what all of this kind of added in means for volume growth in terms of what you are expecting this quarter, or excuse me this year?
Andrew N. Liveris – Chairman, President and CEO: This is Andrew. It is very hard to forecast unplanned and we just had an unplanned in Texas our team did a great job of bringing that back up very quickly. But in terms of planned, Bill will give you a specific sense of it, but look, nothing like last year to answer your question and that was an unfortunately timed downtime as you know, so we lost a lot of the run-up in the low-cost feedstock side out of Canada in particular. But we believe our Performance Plastics business is on its march up. We believe that the margin expansions based on our steady-state model here shows operating rates going up. We believe that we are advantaged specially in the growth regions with our Kuwait venture as well as our Argentina business and of course the U.S. and Canada. So, I actually think that the business is doing incredibly well. They’ve got price increases out there. They’ve got good operating rates and with exception of unplanned, I think you can expect year-on-year growth.
William H. (Bill) Weideman – EVP and CFO: We’re assuming just a typical turnaround season this year and so even in our turnaround spending actually for 2013 will be very much in line with 2012.