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Dow (DOW) and Qifan Cable Partner for Offshore Wind Power
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Dow Inc. (DOW - Free Report) joined forces with Shanghai Qifan Cable Co., Ltd. to sign a strategic Memorandum of Understanding (MoU) during Wire China 2023. This collaborative effort aims to drive innovation in submarine cable technology to support the growth of offshore wind power, thus expediting the global transition to renewable energy sources.
Under this partnership, Dow will supply its Endurance compounds, which will be utilized in the insulation of Qifan Cable's HVAC (High Voltage Alternating Current) and HVDC (High Voltage Direct Current) submarine cables. These Endurance materials are manufactured under stringent cleanliness standards, ensuring high performance and longevity for HVAC submarine cables, which enhances their reliability. Additionally, they offer benefits such as good degassing time and scorch resistance, resulting in increased production efficiency and shorter manufacturing cycles. For HVDC systems, Endurance HFDB-4401UDC enhances long-term performance and allows higher operating temperatures of up to 90°C.
According to the International Energy Agency's Electricity Market Report for 2023, the global share of power generation from renewable sources is projected to increase from 29% to 35% by 2025. Offshore wind power is expected to play a crucial role in this growth, serving as a predominant source of clean energy that contributes to a less carbon-intensive and more sustainable global energy landscape.
Amid the global shift towards sustainable energy sources, particularly offshore wind power, Dow has introduced a diverse range of high-performance solutions. This strategic partnership with Qifan Cable emphasizes the value of Dow's submarine cable products and marks a significant advancement in its manufacturing capabilities. The commitment to ongoing product innovation, tailored to meet diverse application requirements, is accompanied by an expanding network of collaborations with industry partners, all geared towards supporting global decarbonization goals.
Shares of Dow have gained 7.1% in the past year against a 1.6% rise of the industry.
Image Source: Zacks Investment Research
Dow remains focused on cost-saving actions and is advancing its longer-term strategic priorities as it faces a challenging macroeconomic environment in the second half of 2023. It is progressing with its actions to deliver $1 billion in cost savings in 2023. Its disciplined and balanced capital allocation priorities support its “Decarbonize and Grow” strategy to create long-term value for its shareholders.
The earnings estimate for Carpenter Technology’s current year is pegged at $3.48, indicating a year-over-year growth of 205%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 85.7% in the past year.
The consensus estimate for Akzo Nobel’s current-year earnings is pegged at $1.44, indicating year-over-year growth of 67.4%. In the past 60 days, AKZOY’s current-year earnings estimate has been revised upward by 2.9%. The company’s shares have rallied 24.9% in the past year.
The consensus estimate for Hawkins’ current-year earnings is pegged at $3.40, indicating year-over-year growth of 18.9%. HWKN beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 25.6%. The company’s shares have rallied 63.3% in the past year.
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Dow (DOW) and Qifan Cable Partner for Offshore Wind Power
Dow Inc. (DOW - Free Report) joined forces with Shanghai Qifan Cable Co., Ltd. to sign a strategic Memorandum of Understanding (MoU) during Wire China 2023. This collaborative effort aims to drive innovation in submarine cable technology to support the growth of offshore wind power, thus expediting the global transition to renewable energy sources.
Under this partnership, Dow will supply its Endurance compounds, which will be utilized in the insulation of Qifan Cable's HVAC (High Voltage Alternating Current) and HVDC (High Voltage Direct Current) submarine cables. These Endurance materials are manufactured under stringent cleanliness standards, ensuring high performance and longevity for HVAC submarine cables, which enhances their reliability. Additionally, they offer benefits such as good degassing time and scorch resistance, resulting in increased production efficiency and shorter manufacturing cycles. For HVDC systems, Endurance HFDB-4401UDC enhances long-term performance and allows higher operating temperatures of up to 90°C.
According to the International Energy Agency's Electricity Market Report for 2023, the global share of power generation from renewable sources is projected to increase from 29% to 35% by 2025. Offshore wind power is expected to play a crucial role in this growth, serving as a predominant source of clean energy that contributes to a less carbon-intensive and more sustainable global energy landscape.
Amid the global shift towards sustainable energy sources, particularly offshore wind power, Dow has introduced a diverse range of high-performance solutions. This strategic partnership with Qifan Cable emphasizes the value of Dow's submarine cable products and marks a significant advancement in its manufacturing capabilities. The commitment to ongoing product innovation, tailored to meet diverse application requirements, is accompanied by an expanding network of collaborations with industry partners, all geared towards supporting global decarbonization goals.
Shares of Dow have gained 7.1% in the past year against a 1.6% rise of the industry.
Image Source: Zacks Investment Research
Dow remains focused on cost-saving actions and is advancing its longer-term strategic priorities as it faces a challenging macroeconomic environment in the second half of 2023. It is progressing with its actions to deliver $1 billion in cost savings in 2023. Its disciplined and balanced capital allocation priorities support its “Decarbonize and Grow” strategy to create long-term value for its shareholders.
Dow Inc. Price and Consensus
Dow Inc. price-consensus-chart | Dow Inc. Quote
Zacks Rank & Key Picks
Dow currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , Akzo Nobel N.V. (AKZOY - Free Report) and Hawkins, Inc. (HWKN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The earnings estimate for Carpenter Technology’s current year is pegged at $3.48, indicating a year-over-year growth of 205%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 85.7% in the past year.
The consensus estimate for Akzo Nobel’s current-year earnings is pegged at $1.44, indicating year-over-year growth of 67.4%. In the past 60 days, AKZOY’s current-year earnings estimate has been revised upward by 2.9%. The company’s shares have rallied 24.9% in the past year.
The consensus estimate for Hawkins’ current-year earnings is pegged at $3.40, indicating year-over-year growth of 18.9%. HWKN beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 25.6%. The company’s shares have rallied 63.3% in the past year.