Dow Chemical 2Q profits up, despite high energy costs

07/26/07 - newratings.com

NEW YORK, July 26 (newratings.com) – US-based chemical manufacturer Dow Chemical Co (DOW) Thursday reported a 2% rise in its second-quarter net income, despite an increase in energy costs.

Midland, Michigan-based Dow Chemical said its net income rose to $1.04 billion, or $1.07 per share, from $1.02 billion, or $1.05 per share, in the year-ago quarter. The company’s sales climbed 6% to $13.27 billion in the second quarter, from $12.5 billion in the same period a year earlier. Dow Chemical said it was able to overcome a sharp rise in its feedstock and energy costs on steady volumes and a 6% price hike.