Dow Chemical Net Profit Rises 10 Percent
Jan 27, 2005 - NEW YORK (Reuters)
Top U.S. chemicals maker Dow Chemical Co. posted a 10 percent increase in fourth-quarter net profit on Thursday, beating expectations, as it benefited from higher prices.
Net income rose to $1.03 billion, or $1.06 per share, from $929 million, or 99 cents per share, a year earlier.
Earnings included a 21 cents a share gain. Excluding special items, analysts on average expected a profit of 70 cents a share, according to Reuters Estimates.
Sales of Dow's chemicals, which are used in everything from paints to car parts, rose 31 percent to $10.9 billion, reflecting a 3 percent increase in volume and 28 percent rise in prices.
"Strong industry demand drove continued high operating rates and allowed Dow to expand margins across most businesses, despite an unprecedented $1.5 billion increase in feedstock and energy costs," the company said in a statement.
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