Dow Tops Views as Prices, Volumes Rise
Updated from 6:56 a.m. EDT
MIDLAND, Mich. (
) --
Dow Chemical's
third-quarter earnings rose to $796 million from $428 million a year earlier as prices and volumes rose sequentially.
After preferred dividends, earnings in the quarter were $711 million, or 63 cents a share.
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Excluding certain items, earnings in the latest quarter were 24 cents a share, above the estimate of analysts of 10 cents. This compares with earnings on the same basis a year earlier of 59 cents a share and 5 cents a share in the second quarter of 2009.
Sales in the quarter fell 22% from a year earlier to $12.05 billion, but were up 6% from the prior quarter.
Dow said in a press release Thursday that earnings were driven by sequential price increases, volume growth in certain segments, including electronic and specialty material, and cost reductions.
-- Reported by Joseph Woelfel in New York
.
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