Shares of Dow Chemical (DOW) are up 78 cents, or 2.5%, at $30.83 after the company this morning beat Q1 revenue estimates by half a billion dollars and blew away on the bottom.
Q1 revenue rose almost 49%, year over ear, to $13.42 billion versus the $12.93 billion estimate, yielding profit per share of 43 cents versus the 30-cent average estimate and a big improvement over a 3-cent profit a year earlier.
Sales included a 27% rise in North America and a 35% rise in Europe, the Middle East, and Africa. Volume was up 16%, but the company also achieved a 17% rise in price worldwide.
North America saw volume growth of 11%, which paled in comparison to 46% growth in China.
Sales of basic plastics led the rise with a 49% increase, while performance prducts, such as epoxies and solvents, rose 41%. Electronic and specialty materials saw a 30% increase, while coatings and infrastructure business was up 21% and health and agriculture products declined.
Demand has returned to developed markets, said chair and CEO Andrew Liveris.
The company did not offer a forecast, but it will hold a conference call at 10 am, which you can listen to here.
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