Dow Inc reported a fourth-quarter profit on Thursday that rose 61.4%, compared with the third, helped by higher demand and prices for its chemicals following a gradual recovery from the impact of the COVID-19 pandemic, Trend reports with reference to Reuters.
Some of Dow’s end markets, including furniture, appliances, packaging, construction and automotive, have started to recover. The company has also slashed its workforce and is looking to sell its non-core businesses to counter the hit from the pandemic.
For the reported quarter, prices rose 8%, compared with the third, while volumes sold rose 2%.
Dow reported sales of $10.71 billion, beating analysts’ estimates of $10.03 billion, according to Refinitiv IBES.
Net operating income, which excludes some items, rose to $607 million, or 81 cents per share, in the three months ended Dec. 31, from $376 million, or 50 cents per share, in the third quarter.