By Dave Sebastian
Dow Inc. said its profit for the first quarter rose, driven by local price gains across all operating segments.
The Midland, Mich.-based materials company on Thursday posted a net income attributable to shareholders of $991 million, compared with $239 million in the comparable quarter last year. Earnings were $1.32 a share, compared with 32 cents a share in the prior year.
Adjusted earnings were $1.36 a share. Analysts polled by FactSet were expecting $1.09 a share.
Net sales were $11.88 billion, up from $9.77 billion in the same period last year. Analysts were looking for $11.09 billion.
Local prices rose 19% from the year-ago period, the company said. Supply constraints in the company's industrial intermediates and infrastructure and performance materials and coatings segments offset demand growth in the packaging and specialty plastics segment due to the winter storm earlier this year, Dow said.
"Despite supply constraints, we saw demand growth as the economic recovery continued to broaden, most notably in packaging, construction, mobility, electronics and consumer durables end-markets," Chairman and Chief Executive Jim Fitterling said.
Mr. Fitterling said the company "entered the second quarter with increasing momentum."
"We expect the broadening economic recovery, aided by vaccine distribution progress and tight market fundamentals, to continue to benefit our businesses," he said. "Our near-term incremental capital investments will further support growth across our consumer-led portfolio."
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(END) Dow Jones Newswires