Midland, Michigan - Dow Chemical has reported that second-quarter sales were $14.6 billion, flat versus the year ago period, with earnings (EBITDA), up 9% at $4.2 billion. Sales gains in the quarter were led by its agricultural sciences business, revenues also grew in performance materials segment, which includes Dow's polyurethane activities.
In the performance materials business, sales were $3.4 billion, up 1% from the same period in 2012. Volume grew by 4%, while price declined 3% compared with the same quarter last year, Dow said in its 25 July quarterly report. The company added the volume increases were driven by improved assets and market share gains within polyurethane and propylene oxide/propylene glycol.
Performance materials' earnings (EBITDA) was $284 million, down from $350 million in the second quarter of 2012.
For the company as a whole, volume increased 2%, with gains in most geographic areas. Volume growth in emerging geographic areas rose 9%, led by double-digit growth in Latin America (up 12%). Volume also increased in Asia-Pacific (up 7%), Dow said.
Looking to the future, Dow chairman Andrew Liveris said, "We remain committed to driving shareholder-friendly, and balance sheet-focused actions, such as further debt reduction and ongoing cash flow growth, and returning the benefits to our shareholders over the near- and long-term."
