Dow Inc. Revenue Gains in 3Q Support Swing to Profit
October 21 2021 - 06:50AM
Dow Jones News
By Adriano Marchese
Dow Inc. on Thursday reported a swing to profit in its third
quarter, beating analyst expectations, as revenue grew
significantly in the period.
The Midland, Mich.-based commodity chemical company said
per-share earnings were $2.23, compared with a loss of 4 cents a
share in the comparable quarter a year ago.
Net income was $1.68 billion, compared with a loss of $25
million a year ago. Volume increased 2%, benefiting from gains in
its packaging and specialty plastics, and performance materials and
coatings segments.
Operating earnings were $2.75 a share, beating analyst
expectations of $2.56 a share, according to analysts polled by
FactSet.
Sales rose to $14.84 billion from $9.71 billion.
The company said it continues to expect strong end-market demand
extending into 2022, as well as near-term logistics constraints and
low inventory levels across its value chains.
Chairman and Chief Executive Jim Fitterling said that "coupled
with our global footprint, feedstock flexibility and structural
cost advantages, we continued to capture robust end-market demand
and price momentum. As a result, we generated higher cash flow from
operations and achieved sales growth across all segments and
geographies."
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 21, 2021 06:35 ET (10:35 GMT)
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