Dow Chemical Q2 net income soars

MIDLAND, Mich. (AP) — Dow Chemical Co. said Thursday its second-quarter net income more than tripled, boosted by a $2.16 billion payment related to a scrapped joint venture, and its adjusted results beat Wall Street predictions.

The Midland, Mich.-based chemical company earned $2.34 billion, or $1.87 per share, for the three months ended June 30. That was up from $649 million, or 55 cents per share, in the same quarter of 2012. Excluding the payment from Petrochemical Industries Company of Kuwait and other one-time items, Dow posted an adjusted profit of 64 cents per share.

Revenue was essentially flat at $14.58 billion, compared with $14.51 billion a year ago.

Analysts, on average, expected adjusted profit of 62 cents per share, on $14.46 billion in revenue, according to FactSet.

Sales at the company's agricultural sciences business increased 10%, but were offset by declines at the company's feedstocks and energy and performance plastics businesses.

Overall sales volume increased 2%, with Latin American sales volume jumping 12% and Asia Pacific volume rising 7%. Overall pricing fell 2%.

Dow Chemical shares closed Wednesday at $34.37, up nearly 7% since the start of the year.