This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEH9K0IE_L.jpg
A rebound in industrial and automotive activity from pandemic lows has fueled a rise in demand for the company’s chemicals, which is used in everything from plastic and food packaging to textiles, electronics and paints.
Hurricane Ida forced Dow and other chemical makers along the U.S. Gulf Coast to shut some manufacturing operations during the quarter, tightening already low supplies and boosting prices.
Dow, established after chemical conglomerate DowDuPont split into three, said on Thursday overall prices climbed 50% from a year earlier.
“We continue to see robust end-market demand that is expected to extend into 2022, coupled with near-term logistics constraints and low inventory levels across our value chains”, Chief Executive Officer Jim Fitterling said in a statement.
Volume rose 2% from the year-ago period, driven by gains in its packaging & specialty plastics as well as coatings, the company said, adding that it was held back by supply and logistics constraints.
The company’s net sales of $14.84 billion came above estimates of $14.28 billion.
Net operating income, which excludes certain items, rose to $2.07 billion, or $2.75 per share, in the three months ended Sept. 30, from $376 million, or 50 cents per share, year earlier.
Analysts had estimated the company to post earnings of $2.55 per share, according to Refinitiv IBES data.
