The Dow Chemical Company announces the third quarter results. It says that sales of $12.4 billion for the third quarter of 2006, 10 percent higher than the same period in 2005.
Third Quarter of 2006 Highlights:
- Sales for the three months ended September 30 were $12.4 billion, 10 percent higher than in the same period last year and a new third quarter record for the Company. - Dow reported earnings of $0.53 per share, which included a $0.45 per share charge for restructuring activities. - Excluding the restructuring charge, earnings per share set a new third quarter record of $0.98, up 20 percent from $0.82 in the same period last year. - The Company recorded a pretax restructuring charge of $579 million - equivalent to $0.45 per share -- related to the shutdown of several assets, as part of Dow's ongoing commitment to financial discipline and active portfolio management. - Compared with the third quarter of last year, Dow recorded price increases in each of its operating segments, with double-digit gains in most Basics businesses. - Across the Company as a whole, a continued focus on price/volume management secured an 11 percent price improvement, driving year-over-year margin recovery despite an increase of almost $750 million in feedstock and energy costs. - The Performance segments posted solid volume growth, with combined improvement in all geographic regions and particular strength in Asia Pacific, where volume increased 17 percent compared with the same period last year.
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