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 Dow's Third-Quarter Earnings Rise, but Sales Fall |
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Dow Chemical reported third-quarter net income up 45%, to $799 million (63 cts/share) including gains from divestments, and losses associated with acquisitions and the extinguishment of debt. Earnings were 24 cts/share excluding one-time items, compared to 59 cts/share excluding one-time items in the year-ago quarter. The consensus of analysts’ estimates was for 10 cts/share. Ebitda for Dow’s operating segments excluding certain one-time items was $1.55 billion, a decline of about 16% compared to the year-ago quarter.
Pro forma sales fell 32%, to $12 billion. Total volume fell 9%, and selling prices decreased 23%, Dow says. Purchased feedstock and energy costs fell 46%, to $3.5 billion.
Sales increased sequentially, however, indicating signs of a start to improving global economic conditions, Dow says. “We are seeing pockets of volume growth in certain businesses versus the prior quarter, primarily in advanced materials, performance products and performance systems, which have benefited from the beginnings of a global economic recovery,” says chairman and CEO Andrew Liveris.
Total revenues rose 6% from the second quarter, and selling prices also increased 6%, Dow says. The hydrocarbons and energy, and basic plastics businesses reported the highest price hikes, the company says.
Meanwhile, the electronic and specialty materials segment reported Ebitda up 4%, to $407 million compared to the year-ago period, on sales down 15%, to $1.3 billion. Ebitda rose 157% sequentially. Ebitda from the coatings and infrastructure business rose 11%, to $213 million, on sales down 22%, to $1.3 billion year-over-year. Ebitda dropped 23% excluding a $253-million restructuring charge related to the acquisition of Rohm and Haas. Sales rose 7%.
The health and agricultural sciences business reported Ebitda down 95%, to $5 million compared to third-quarter 2008, on sales down 20%, to $796 million. Sales and profits fell sequentially. Performance systems’ Ebitda jumped 95%, to $207 million, on sales down 29%, to $1.5 billion. Ebitda fell 14% sequentially included charges, on sales up 3%. Performance products earnings fell 21% year-over-year, to $298 excluding special items, on sales down 33%, to $2.4 billion. Earnings fell 3%, on sales up 16% sequentially.
Basic plastics earnings fell 11%, to $590 million excluding special items, on sales down 32%, to $2.6 billion. Profits rose 45% sequentially, on sales up 11%. Basic chemicals earnings fell 95%, to $8 million excluding special items, on sales down 49%, to $568 million. Dow reported a second-quarter loss in that business.
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