Added to this were the high raw material prices and logistics costs. The bottom line was that the surplus fell compared to the same period last year by 12.6 percent to 1.66 billion US dollars (1.62 billion euros), said Dow on Thursday in Midland. Also thanks to price increases and strong demand for paints and varnishes, for example, sales of the competitor of the German chemical groups Lanxess, BASF and Covestro increased by 13 percent to almost 15.7 billion dollars. The share gained 1.8 percent before the market. The decline in profits was less severe than analysts had feared on average.
Company boss Jim Fitterling was satisfied overall in view of the difficulties. Thanks to competitive advantages and a “focus on disciplined implementation”, the group was able to cope with the effects of the pandemic-related lockdowns in China, the ongoing logistics restrictions and higher energy and raw material costs.
Dow shares are temporarily down 4.16 percent on the NYSE to $50.37.
/lew/mis/stk
MIDLAND (dpa-AFX)
Leverage must be between 2 and 20
No data
More news about Dow Inc
Image Credits: Bill Pugliano/Getty Images