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With demand rising thanks to an economic recovery from the pandemic, Dow has boosted its prices as it combats supply-chain pressures, logistical snags and weather-related outages at plants.
Local prices across Dow’s three segments were up between 24% and 39%, the company said. Its total net sales rose to $15.26 billion in the quarter from $11.88 billion a year ago.
“Despite higher energy costs, we captured healthy end-market demand and achieved solid volume growth, price gains and margin expansion,” Chief Executive Officer Jim Fitterling said in a statement.
The company, which makes chemicals used in a range of products including food packaging, mattresses, textiles and electronics, also said it took a $186 million hit to earnings in the quarter due to the ongoing Russia-Ukraine conflict.
Net income attributable to Dow stockholders rose to $1.57 billion, or $2.11 per share, compared with $991 million, or $1.32 per share, a year ago.
Excluding items, Dow’s operating earnings rose to $2.34 per share from $1.36 a year ago.