MIDLAND, Michigan ( TheStreet) -- Dow Chemical ( DOW) said third-quarter earnings declined but topped analysts' estimates when certain items are excluded. Dow, the chemicals maker, earned $512 million, or 45 cents a share, in the third quarter, down from $711 million, or 63 cents, a year earlier. Excluding items, earnings were 54 cents; analysts expected Dow to earn 41 cents in the quarter. Sales rose to $12.87 billion from $12.05 billion a year earlier. Sales rose 23% if divestitures are excluded. Dow said sales in emerging markets rose 19%. Volume in the quarter rose 14% and prices jumped 9% from a year earlier. "Dow's portfolio delivered strong volume gains in most of our operating segments as well as across every geographic area in the third quarter, giving us confidence that a sustained global economic recovery, led by emerging economies, is firming despite headwinds such as sovereign debt, high unemployment or asset bubble formation," said CEO Andrew Liveris, in a statement Thursday. Liveris said growth in developed countries "will be at a slightly lower rate than experienced in the first half of the year." -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.