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Dow Chemical 3rd-qtr profit on higher prices, growth in energy and agriculture
NEW YORK (AP) ' Dow Chemical says its third-quarter earnings jumped 59 percent on higher prices and double-digit sales gains in almost all its business segments.
The Midland, Mich. company said Thursday its net income jumped to $815 million, or 69 cents per share, compared with $512 million, or 45 cents per share, a year earlier. Excluding one-time items, earnings were 62 cents per share.
Revenue rose 17 percent to $15.11 billion. Sales volume was flat, as decreases in North America were offset by improvements in Latin America and Asia.
FactSet says analysts expected adjusted earnings of 63 cents per share on $14.63 billion in sales.
Dow Chemical Co. says the biggest revenue gains were in its feedstock and energy unit as well as its agricultural sciences division. Geographically, sales grew the most in Latin America.