Dow Chemical tops 3Q profit forecasts

Associated Press

Midland — Dow Chemical Co. on Thursday reported third-quarter earnings of $1.38 billion.

The Midland-based company said it had profit of $1.09 per share. Earnings, adjusted for non-recurring gains, came to 82 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

The specialty chemicals maker posted revenue of $12.04 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $12.25 billion.

Dow Chemical shares have risen 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased almost 2 percent. The stock has decreased 1.5 percent in the last 12 months.