Dow 1Q Profit, Sales Rise on Local Price Gains
April 22 2021 - 6:45AM
Dow Jones News
By Dave Sebastian
Dow Inc. said its profit for the first quarter rose, driven by
local price gains across all operating segments.
The Midland, Mich.-based materials company on Thursday posted a
net income attributable to shareholders of $991 million, compared
with $239 million in the comparable quarter last year. Earnings
were $1.32 a share, compared with 32 cents a share in the prior
year.
Adjusted earnings were $1.36 a share. Analysts polled by FactSet
were expecting $1.09 a share.
Net sales were $11.88 billion, up from $9.77 billion in the same
period last year. Analysts were looking for $11.09 billion.
Local prices rose 19% from the year-ago period, the company
said. Supply constraints in the company's industrial intermediates
and infrastructure and performance materials and coatings segments
offset demand growth in the packaging and specialty plastics
segment due to the winter storm earlier this year, Dow said.
"Despite supply constraints, we saw demand growth as the
economic recovery continued to broaden, most notably in packaging,
construction, mobility, electronics and consumer durables
end-markets," Chairman and Chief Executive Jim Fitterling said.
Mr. Fitterling said the company "entered the second quarter with
increasing momentum."
"We expect the broadening economic recovery, aided by vaccine
distribution progress and tight market fundamentals, to continue to
benefit our businesses," he said. "Our near-term incremental
capital investments will further support growth across our
consumer-led portfolio."
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 22, 2021 06:30 ET (10:30 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Dow (NYSE:DOW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Dow (NYSE:DOW)
Historical Stock Chart
From Apr 2023 to Apr 2024