- Posted July 26, 2013
- Tweet This | Share on Facebook
Dow Chemical Co. 2Q net income soars on payment
MIDLAND, Mich. (AP) -- Dow Chemical Co. said Thursday its second-quarter net income more than tripled, boosted by a $2.16 billion payment related to a scrapped joint venture, and its adjusted results beat Wall Street predictions.
The Midland, Mich.-based chemical company earned $2.34 billion, or $1.87 per share, for the three months ended June 30. That was up from $649 million, or 55 cents per share, in the same quarter of 2012. Excluding the payment from Petrochemical Industries Company of Kuwait and other one-time items, Dow posted an adjusted profit of 64 cents per share.
Revenue was essentially flat at $14.58 billion, compared with $14.51 billion a year ago.
Analysts, on average, expected adjusted profit of 62 cents per share, on $14.46 billion in revenue, according to FactSet.
Sales at the company's agricultural sciences business increased 10 percent, but were offset by declines at the company's feedstocks and energy and performance plastics businesses.
Overall sales volume increased 2 percent, with Latin American sales volume jumping 12 percent and Asia Pacific volume rising 7 percent. Overall pricing fell 2 percent.
Dow Chemical shares closed Wednesday at $34.37, up nearly 7 percent since the start of the year.
Published: Fri, Jul 26, 2013
headlines Oakland County
headlines National
- This Los Angeles lawyer found her calling as a death doula
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Artificial intelligence tools for brief writing and analysis are a small firm litigator’s new best friend
- Baker McKenzie partner drops suit seeking IRS documents on partnership scrutiny
- Family members sue networks after learning of loved ones’ deaths by seeing bodies on TV
- Ex-BigLaw attorney once ‘consumed with remorse’ over $10M client theft sentenced in new scheme