Dow Chemical reports flat sales in Q2 2013
Post date: Jul 30, 2013 8:08:33 AM
Led by sales gains in its agricultural sciences business, chemical giant Dow Chemical Company reported sales of US$14.6 billion in second quarter 2013 – flat vs. the year ago period – with earnings up 9 per cent to US$4.2 billion.
According to Dow’s quarterly report, sales also grew in its performance materials segment: US$3.4 billion, a 1 per cent increase from the same period in 2012.
“Volume increased 2 per cent, with gains in most geographic areas,” Dow said. “Volume growth in emerging geographic areas rose 9 per cent, led by double-digit growth in Latin America (up 12 per cent). Volume also increased in Asia Pacific (up 7 per cent).”
Price decreased 2 per cent compared with the same time last year, Dow said, with currency representing nearly one-third of the decline. The Feedstocks and Energy operating segment led the decrease (down 4 per cent), due to a declining feedstock cost environment.
Sales in performance plastics were US$3.7 billion, down 1 per cent compared with the same quarter last year. “The decline reflects the previously announced shutdown of a high-density polyethylene facility in Tessenderlo, Belgium,” Dow said.
Dow Packaging and Specialty Plastics improved sales in North America, Latin America and Asia Pacific, meanwhile, which Dow said more than offset lower sales in Europe that were primarily impacted by the Tessenderlo closure. “Sales in food and specialty packaging showed great strength across all geographic regions,” the company said.