By Matt Grossman

 

Dow Inc. on Thursday logged higher sales in the second quarter, as local prices rose 53% due to tight supply-and-demand fundamentals, the company said.

The Midland, Mich.-based chemicals company posted earnings of $2.51 a share, compared with a loss of 31 cents a share a year earlier. Net income available for shareholders was $1.9 billion, improving from a loss of $225 million.

Excluding one-time items, the company's adjusted earnings were $2.72 a share. Analysts polled by FactSet were forecasting an adjusted profit of $2.47 a share.

Sales climbed to $13.89 billion, from $8.35 billion in 2020's second quarter, the company said. Analysts had forecast sales of $13.13 billion.

Packaging and specialty-plastics sales rose 78% year over year to $7.1 billion, largely as a result of price increases, although volumes improved as well, the company said.

Industrial intermediates and infrastructure sales climbed 74% to $4.2 billion, as prices and volumes rose in that segment as well. Performance materials and coatings sales were up 33% year over year to $2.2 billion on higher demand from mobility, electronics and building and infrastructure end markets, the company said.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

July 22, 2021 06:34 ET (10:34 GMT)

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