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Dow profit more than doubles on higher prices -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This file photograph, taken on May 14, 2015, shows the Dow logo on a Midland building. REUTERS/Rebecca Cook/File Photo

(Reuters) – Dow Inc.’s fourth quarter profit more than doubled Thursday due to higher chemical prices as supply remained tight despite strong demand.

After a short hit during the pandemic, the demand for chemicals from the company, which are used in food packaging, mattresses, textiles, and electronics has been high. This has allowed the company to increase its prices.

The fourth quarter saw an overall 39% increase in prices over the same period last year.

Volumes dropped 4% mainly due to supply limitations from maintenance, and the lingering effects of the pandemic or weather-related issues.

Net operating income (which excludes some items) rose to $1.6billion, or 2.15 per share in the three-months ended December 31, from $607m, or 81c per share, one year ago.

From $10.71 billion a year prior, sales in 2021’s last three months rose to $14.36billion.

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