Dow Quarterly Earnings Highest Since 2008 Oct 29, 2010

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The Dow Chemical Company, supplier of plastics and other materials to the appliance industry, said third quarter EBITDA (earnings before interest, income taxes, depreciation and amortization) rose more than $350 million to more than $1.9 billion, the highest level since second quarter of 2008.

"Continued solid demand recovery in North America and Europe – coupled with sustained momentum in emerging geographies, which represented more than $4 billion of our overall sales in the quarter – drove robust revenue gains across all of our operating segments and in every geographic area," said Dow Chairman and CEO Andrew N. Liveris. "Our operating rates reached levels not seen since the first quarter of 2008, reflecting both broad-based demand growth and a return to our signature operational excellence capabilities."

Reported sales increased 7% versus last year. Sales were up 23% excluding the impact of divestitures, with double-digit gains reported in all geographic areas and in all operating segments.

Sales in emerging geographies increased 19% and surpassed $4 billion in the quarter for the first time in 3M history, with particular strength in Electronic Materials (up 45%) and Health and Agricultural Sciences (up 22%).

Volume increased 14%, with gains in all geographic areas and all operating segments. The largest increases were reported in Europe, Middle East and Africa (up 16%), and North America (up 15%).

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