Dow Chemical 3Q income down 21%, sales up 10%

10/25/07 - newratings.com

NEW YORK, October 25 (newratings.com) - Dow Chemical Co (DOW) Thursday announced that its third-quarter earnings fell 21%, despite rising sales.

The US chemicals producer said that its net income in the quarter ended September 30 declined to $403 million, or 42¢ per share, from $512 million, or 53¢ per share, in the year-ago quarter. Sales, however, rose 10% to $13.6 billion, from $12.4 billion. The company said that that the latest results included a charge of 38¢ per share due to a change in German tax law, as well as a 4¢ per share charge for acquisitions. The company also mentioned that rising feedstock and energy costs adversely affected its profits.