Dow profit rises 61.4% on recovery in chemical prices, demand
- 28th January 2021
- Posted by: Hakeem
- Category: Stock
Dow Inc reported a fourth-quarter profit on Thursday that rose 61.4%, compared with the third, helped by higher demand and prices for its chemicals following a gradual recovery from the impact of the COVID-19 pandemic.
Some of Dow’s end markets, including furniture, appliances, packaging, construction and automotive, have started to recover. The company has also slashed its workforce and is looking to sell its non-core businesses to counter the hit from the pandemic.
For the reported quarter, prices rose 8%, compared with the third, while volumes sold rose 2%.
Dow reported sales of $10.71 billion, beating analysts’ estimates of $10.03 billion, according to Refinitiv IBES.
Net operating income, which excludes some items, rose to $607 million, or 81 cents per share, in the three months ended Dec. 31, from $376 million, or 50 cents per share, in the third quarter.