Traverse City Record-Eagle

Business

July 26, 2013

Dow Chem 2Q income soars on JV payment

MIDLAND (AP) — Dow Chemical Co. said Thursday its second-quarter net income more than tripled, boosted by a $2.16 billion payment related to a scrapped joint venture, and its adjusted results beat Wall Street predictions.

The Midland, Mich.-based chemical company earned $2.34 billion, or $1.87 per share, for the three months ended June 30. That was up from $649 million, or 55 cents per share, in the same quarter of 2012. Excluding the payment from Petrochemical Industries Company of Kuwait and other one-time items, Dow posted an adjusted profit of 64 cents per share.

Revenue was essentially flat at $14.58 billion, compared with $14.51 billion a year ago.

Analysts, on average, expected adjusted profit of 62 cents per share, on $14.46 billion in revenue, according to FactSet.

Sales at the company’s agricultural sciences business increased 10 percent, but were offset by declines at the company’s feedstocks and energy and performance plastics businesses.

Overall sales volume increased 2 percent, with Latin American sales volume jumping 12 percent and Asia Pacific volume rising 7 percent. Overall pricing fell 2 percent.

Dow Chemical shares closed Wednesday at $34.37, up nearly 7 percent since the start of the year.

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