The Dow Chemical Company reported second quarter sales of $11.95 billion, down 7% from $12.91 billion compared to the same period a year ago. Net income was $3.12 billion and earnings per share were $2.61, versus $0.97 a year ago. Operating earnings per share was $0.95, up from $0.91 in the comparable period in 2015, according to earnings statement published on Thursday.
"Cash flow from operations grew to $2.2 billion in the quarter, up from $1.4 billion in the year-ago period," said the chemical corporation statement, adding that business was affected primarily "by lower hydrocarbons and raw material prices and the impact from the Dow Chlorine Products divestiture."
Providing an outlook, the company said it saw healthy demand in North America, measured recovery in Europe, recovery of demand in Latin America and "the rise of increasingly affluent consumers across Asia."
"Despite the varied economic landscape, we continue to see favorable conditions and robust demand in our core consumer-led markets of packaging, automotive and construction throughout the world," said Andrew N. Liveris, chairman and chief executive officer.
Dow Chemical shares last closed up 0.17% at $53.63 on Wednesday, and pre-market moves at 3:18 p.m. CET pointed towards opening price of $54.02.
Image: Beta / AP
