27 October 2011 12:25 [Source: ICIS news]
LONDON (ICIS)--Dow Chemical’s third-quarter net income rose by 51% year on year to $900m (€648m) on the back of improved sales in all geographic areas, the US-based company said on Thursday.
The company reported sales of $15.1bn in the third quarter of 2011, a 17% increase compared with the same period last year, with top-line growth driven by price, it added.
Dow said double-digit sales gains were reported in all operating segments, with the largest percentage increases in Feedstocks and Energy (34%) and Agricultural Sciences (27%).
Double-digit sales increases were also reported in all geographic areas, with the highest growth in Latin America (21%) and Europe, ?xml:namespace>
“Dow delivered broad-based sales gains and significant earnings growth this quarter, reflecting the strength of our transformed business portfolio,” said Andrew Liveris, Dow’s chairman and CEO.
“Our diversified geographic presence was also on display, as our investments in emerging regions enabled us to capitalise on growth where it is happening most rapidly, even as developed regions paused in their economic recovery,” he added.
“We achieved record EBITDA [earnings before interest, tax, depreciation and amortisation] for both the quarter and year to date,” Liveris said.
Commenting on Dow’s outlook, Liveris expects ongoing volatility in the pace of global economic recovery, and he added that the company is "prepared for jagged economic conditions over the near term."
($1 = €0.72)
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