Dow 2Q Sales Grow on Higher Pricing
July 22 2021 - 6:42AM
Dow Jones News
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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