By Dean Seal
Dow Inc. grew sales by 13% and logged better-than-expected earnings in the second quarter as higher prices on consistent volume helped it battle supply-chain constraints and higher input costs.
The chemicals company reported net income available for shareholders of $1.66 billion, or $2.26 a share, down from $1.9 billion, or $2.51 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $2.31 a share. Analysts surveyed by FactSet had expected $2.14 a share.
Sales climbed to $15.66 billion from $13.89 billion a year ago. Analysts polled by FactSet had expected $15.55 billion in sales.
The Midland, Mich.-based company said sales in its packaging and specialty plastics businesses were up 16% with higher pricing and volume, though currency hurt sales by 3%.
Dow's industrial intermediates and infrastructure segment netted a 4% gain in sales, with higher pricing but lower volume and another hit from currency. Sales for its performance materials and coatings segment were up 22% as pricing increased by more than a quarter, though volume was dragged down by pandemic-related lockdowns in China.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
07-21-22 0639ET