Dow Inc. Revenue Gains in 3Q Support Swing to Profit

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 [e-mail]

(END) Dow Jones Newswires

October 21, 2021 06:35 ET (10:35 GMT)

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