US Dow’s Q1 net income up 27% to $660m, sales fall 2%

25 April 2013 12:48  [Source: ICIS news]

LONDON (ICIS)--Dow Chemical’s first-quarter 2013 net income rose by 27% year on year to $660m (€508m) despite a fall in sales, partly because of stronger pricing actions, the US-headquartered chemicals major said on Thursday.

Dow reported sales of $14.4bn in the first quarter of 2013, down 2% versus the year-ago period, as volumes fell by 3% year on year.

Excluding the impact of the company’s Feedstocks and Energy operating segment, sales were flat, Dow added.

Andrew Liveris, Dow’s chairman and CEO, said: “Our performance this quarter demonstrates our team’s continuing determination to deliver earnings growth, despite ongoing uncertainties in the global economy.

“We are aggressively managing our businesses and driving near-term execution measures – demonstrated by this quarter’s marked improvement in both margins and profitability.”

Dow’s reported earnings before interest, tax, depreciation and amortisation (EBITDA) was $2.22bn, up from $1.71bn in the year-ago period.

EBITDA increased in most of Dow’s operating segments, led by its Performance Plastics business, it added.

($1 = €0.77)

By: Franco Capaldo
+44 (0)20 8652 3214

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