Dow Chemical beats 2Q profit forecasts
Several Michigan-based companies posted second-quarter earnings Thursday.
Dow Chemical Co. reported second-quarter profit of $1.22 billion.
On a per-share basis, the Midland-based company said it had net income of 97 cents. Earnings, adjusted for non-recurring gains, came to 91 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The specialty chemicals maker posted revenue of $12.91 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $13.11 billion.
Dow Chemical shares have risen almost 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 3 percent. The stock has decreased roughly 5 percent in the last 12 months.
CMS Energy Corp. disclosed a second-quarter net income of $67 million.
On a per-share basis, the Jackson-based company said it had profit of 25 cents.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks was for earnings of 33 cents per share.
The energy company posted revenue of $1.35 billion in the period.
Automotive manufacturer Gentex Corp. reported second-quarter net income of $74.6 million.
The Zeeland-based company said it had net income of 25 cents per share.
The results matched Wall Street expectations.
The maker of automatic-dimming rearview mirrors posted revenue of $379.3 million in the period, exceeding Street forecasts.
Gentex shares have fallen 9 percent since the beginning of the year. The stock has climbed 14 percent in the last 12 months.
Syntel Inc., an information technology outsourcing company based in Troy, announced second-quarter earnings of $60.6 million.
On a per-share basis, the company said it had net income of 72 cents.
The results exceeded Wall Street expectations.