Dow Chemical (DOW – Free Report) topped earnings expectations in second-quarter 2017, helped by its cost-cutting and productivity actions, improved pricing and continued focus on consumer-driven markets.
The U.S. chemical giant registered adjusted earnings (barring one-time items) of $1.08 per share for the quarter that comfortably beat the Zacks Consensus Estimate of $1.01.
On a reported basis, the company registered a profit of roughly $1.3 billion or $1.07 per share, down around 58% from a profit of $3.1 billion or $2.61 per share recorded a year ago. The results in the reported quarter include costs related to transactions and productivity actions. Moreover, profit in the year-ago quarter was boosted by gains related to Dow Corning ownership restructure.
Dow raked in net sales of $13,834 million, up roughly 16% year over year. Sales also surpassed the Zacks Consensus Estimate of $13,655 million. The company witnessed sales gains across all operating segments and geographic areas in the reported quarter.
Volumes (excluding acquisitions) rose 3% in the quarter on gains across all segments and geographies. The company also saw a 5% rise in pricing on gains in all geographic areas.
Dow also achieved $215 million in productivity and cost savings during the reported quarter. The company also completed its restructuring program in the quarter.
Dow Chemical Company (The) Price, Consensus and EPS Surprise
Dow Chemical Company (The) Price, Consensus and EPS Surprise | Dow Chemical Company (The) Quote
