Dow Chemical 2Q adjusted profit climbs, revenue rises

MIDLAND (AP) - Dow Chemical's second-quarter net income slid 62 percent as the prior-year period benefited from a $2.16 billion payment related to a scrapped joint venture.

But its adjusted profit and revenue topped analysts' estimates.

The specialty chemical company's earnings after preferred stock dividends dropped to $882 million, or 73 cents per share, from $2.34 billion, or $1.87 per share, a year ago.

A year earlier Dow Chemical received a $2.16 billion payment from Petrochemical Industries Co. of Kuwait tied to a joint venture deal that fell apart.

Earnings, adjusted for non-recurring costs, came to 74 cents per share. That compares with an adjusted profit of 64 cents per share in the prior-year period. The average per-share estimate of analysts surveyed by Zacks Investment Research was for a profit of 73 cents.

Revenue for the Midland, Michigan, company climbed 2.3 percent to $14.92 billion from $14.58 billion. Wall Street forecast $14.88 billion in revenue.

The stock has increased $7.90, or 18 percent, to $52.30 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.3 percent.

Published: Fri, Jul 25, 2014