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)
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