Stock Market News

Dow Q3 profit more than halves on inflation, energy costs

2022.10.20 06:25

[ad_1]


© Reuters. The Dow Chemical logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/Files

(Reuters) – Dow Inc on Thursday posted a 56% fall in third-quarter profit, as the chemicals giant took a hit from soaring energy prices and a slower-than-expected recovery in demand.

Dow’s chemicals, used in industries ranging from automobiles and food packaging to electronics, are seeing higher energy costs, especially in Europe, as well as lower demand as consumers tighten purse strings amid a global economic slowdown.

China’s zero-COVID policy and the resulting lockdowns also caused a slowdown in demand. The company also faced reduced polyethylene production and persistent supply chain constraints in the quarter.

“Underlying demand remains resilient in the United States, while high energy and feedstock costs are driving record inflation and impacting demand in the Eurozone, and ongoing lockdowns in China continue to pressure both consumer spending and infrastructure investments,” Chief Executive Officer Jim Fitterling said in a statement.

Excluding items, Dow’s operating income was $1.11 per share, its lowest in six quarters.

Net income available for Dow stockholders was $739 million, or $1.02 a share, in the three months ended Sept. 30, compared with $1.68 billion, or $2.23 per share, a year earlier.

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 82,113.00 2.30%
ethereum
Ethereum (ETH) $ 1,912.68 1.44%
tether
Tether (USDT) $ 0.999974 0.02%
xrp
XRP (XRP) $ 2.26 3.38%
bnb
BNB (BNB) $ 628.76 0.31%
solana
Solana (SOL) $ 124.65 3.47%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.693408 3.61%
dogecoin
Dogecoin (DOGE) $ 0.166448 4.60%
tron
TRON (TRX) $ 0.235824 7.29%
staked-ether
Lido Staked Ether (STETH) $ 1,911.06 1.37%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 81,949.96 2.25%
leo-token
LEO Token (LEO) $ 9.74 0.56%
the-open-network
Toncoin (TON) $ 3.58 3.10%
chainlink
Chainlink (LINK) $ 13.63 3.63%
usds
USDS (USDS) $ 1.00 0.00%
stellar
Stellar (XLM) $ 0.269541 1.48%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,287.86 1.54%
hedera-hashgraph
Hedera (HBAR) $ 0.185315 3.13%
pi-network
Pi Network (PI) $ 1.13 15.47%
avalanche-2
Avalanche (AVAX) $ 18.55 1.55%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 4.61%
sui
Sui (SUI) $ 2.27 3.99%
mantra-dao
MANTRA (OM) $ 6.93 0.70%
polkadot
Polkadot (DOT) $ 4.42 0.06%
litecoin
Litecoin (LTC) $ 88.49 4.82%
bitcoin-cash
Bitcoin Cash (BCH) $ 334.37 1.16%
bitget-token
Bitget Token (BGB) $ 4.62 3.96%
ethena-usde
Ethena USDe (USDE) $ 0.999619 0.06%
weth
WETH (WETH) $ 1,912.26 1.42%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.10%
hyperliquid
Hyperliquid (HYPE) $ 13.88 3.08%
whitebit
WhiteBIT Coin (WBT) $ 28.13 1.32%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,030.94 1.41%
monero
Monero (XMR) $ 207.27 1.93%
uniswap
Uniswap (UNI) $ 6.30 0.62%
susds
sUSDS (SUSDS) $ 1.04 0.10%
dai
Dai (DAI) $ 0.999847 0.01%
aptos
Aptos (APT) $ 5.29 1.65%
okb
OKB (OKB) $ 50.70 0.98%
near
NEAR Protocol (NEAR) $ 2.53 4.72%
pepe
Pepe (PEPE) $ 0.000007 6.99%
internet-computer
Internet Computer (ICP) $ 5.75 4.14%
mantle
Mantle (MNT) $ 0.806831 1.44%
gatechain-token
Gate (GT) $ 21.80 0.86%
ethereum-classic
Ethereum Classic (ETC) $ 17.45 2.98%
tokenize-xchange
Tokenize Xchange (TKX) $ 32.95 1.98%
ondo-finance
Ondo (ONDO) $ 0.822338 5.31%
aave
Aave (AAVE) $ 169.03 3.65%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 82,095.00 2.40%