MIDLAND, Mich. (AP) - Dow Chemical's second-quarter profit surged, thanks mostly to a large gain related to the restructuring of its ownership in Dow Corning.
Dow Chemical announced last month that it was now the sole owner of Dow Corning's silicones unit, which had previously been equally owned by Dow Chemical and Corning Inc.
Dow Chemical, a specialty chemicals maker, reported net income available to common shareholders of $3.12 billion, or $2.61 per share, for the three months ended June 30. That compares with $1.14 billion, or 97 cents per share, a year ago.
Earnings, adjusted for one-time gains, came to 95 cents per share. This easily topped the 85 cents per share that analysts surveyed by Zacks Investment Research called for.
Revenue for the Midland, Michigan-based company slipped to $11.95 billion from $12.91 billion, but still beat the $11.27 billion in revenue that analysts polled by Zacks expected.
Shareholders recently approved the merger of agriculture and chemicals companies DuPont and Dow Chemical. Once complete, the century-old companies plan to break up into three parts. The deal is expected to close by the end of the year, if it gets the nod from regulators.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DOW at http://www.zacks.com/ap/DOW.
Published: Mon, Aug 01, 2016
