Dow Chemical Company (NYSE:DOW), the largest U.S. chemical maker, on Thursday said its third-quarter profit climbed about 20 percent, in part due to strong agricultural demand and lower feedstock costs.
The Midland, Mich., company booked net income of $594 million, or 49 cents per share, compared with $497 million, or 42 cents per share, in the year-earlier period. Revenue edged up 1 percent to $13.73 billion. Excluding one-time events, the company earned 50 cents per share, less than the 54 cents analysts polled by Thomson Reuters expected.
The 115-year-old manufacturer generated more than $1.4 billion in cash flow from operations in the quarter, representing a nearly $300 million, or 27 percent, increase versus the year-ago period.
Dow reduced gross debt by $200 million in the quarter and by $2.4 billion in the year so far, resulting in a nearly $120 million decline in interest expenses, also in the year to date.