Chemicals maker Dow beats third-quarter profit estimates
DOW•Dow reported third-quarter adjusted profit of 71 cents per share, beating analysts’ average estimate of 64 cents. Sales from its packaging and specialty plastics segment rose more than 18% to $5.8 billion.
1. Profit beats estimates
Dow said Thursday that adjusted profit was 71 cents per share for the quarter ended September 30, compared with analysts’ average estimate of 64 cents. The company attributed the result to cost-cutting measures and higher prices driven by a supply shortage related to the Middle East conflict.
2. Plastics sales rise
Third-quarter net sales from Dow’s packaging and specialty plastics segment rose more than 18% from a year earlier to $5.8 billion. The company has been reviewing non-producing assets, including power and steam facilities and pipelines, as the industry faces higher feedstock and energy costs and weak demand in key markets.
