Dow Chemical Profit Tops Estimates

Dow Chemical Co. said Thursday it had net income of $1.22 billion, or 97 cents a share, in the second quarter, up from $967 million, or 73 cents a share, in the year-earlier period. Excluding a $375 million pre-tax charge, EPS came to 91 cents, above the FactSet consensus of 82 cents. Sales fell 3% to $12.9 billion, matching the FactSet consensus. The sales decline was driven by the strong dollar and lower oil price. Sequentially, sales rose 4%, led by Greater China, where they rose 14%, and the U.S., where they rose 6%. "In a period of ongoing economic volatility, our order loading remains strong," Chief Executive Andrew Liveris said in a statement. "We see growing momentum in construction, packaging and automotive markets outweighing some softness in agriculture and energy-related markets, and we are geographically positioned to grow where growth exists." Shares were not yet active in premarket trade, but are down 9.6% in the year so far, while the Dow Jones Industrial Average has gained 0.2%.