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Dow Chemical’s 2Q nearly triples on Dow Corning restructuring, ‘disciplined actions’
HOUSTON, July 28, 2016 (PCW) –- Dow Chemical on Thursday reported second-quarter net income of $31.23 billion, a nearly threefold increase from $1.135 billion during the same time a year ago.
The company attributed the increase to gains related to the Dow Corning ownership restructuring and “ongoing disciplined actions to manage working capital,” the company said.
Last year, the company said it reduced headcount by 2,250 and this year that number is expected to come in at 2,500.
The earnings for individual segments is as follows:
Performance Plastics reported 2Q sales of $4.7 billion, down from $4.8 billion in the year-ago period. Volume gains were offset by softer commodity prices.
Performance Materials & Chemicals reported 2Q sales of $2.3 billion, down from $3.2 billion in the year-ago period. This reflects the impact of the split-off of Dow Chlorine Products and pricing declines.
Infrastructure Solutions reported 2Q sales of $2.1 billion, up from $2 billion in the year-ago period. This is the result of the addition of the Infrastructure Solutions - Silicones business, which offset lower pricing.
Consumer Solutions delivered 2Q sales of $1.3 billion, up from $1.1 billion in the year-ago period, due to the addition of the Consumer Solutions - Silicones business.
Agricultural Sciences reported 2Q sales of $1.6 billion, down from $1.7 billion in the year-ago period due to low crop commodity prices, high industry inventories and currency headwinds. -- Samantha Hartke