Brisk agricultural, plastic and electronic sales helped Dow Chemical Co, post a better-than-expected fourth-quarter profit, with earnings from joint ventures in the glass and energy sectors particularly strong.
The largest U.S. chemical maker, which makes building blocks for plastics, paints and electronics, said much of its growth will continue to come from countries like China and India, though it noted United States results are improving.
With inflation concerns in emerging geographies, lingering unemployment issues in the United States and sovereign debt issues in Europe, we remain prepared for a reversal in momentum, Chief Executive Andrew Liveris said in a statement.
Net income rose to $426 million, or 37 cents per share, compared with $87 million, or 8 cents per share, in the year-earlier period.
Excluding one-time items, Dow posted profit of 47 cents per share. Analysts expected earnings of 35 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 11 percent to $13.77 billion. Analysts expected $12.48 billion.
Dow's earnings from joint ventures with companies such as Corning and two Kuwaiti firms rose to $313 million from $219 million in the year-ago period. It was the highest quarterly earnings from joint ventures in the company's history, Dow said.
Shares, which closed Wednesday at $36.64, have traded between $22.42 and $36.78 in the past 52 weeks.
(Reporting by Ernest Scheyder; Editing by Derek Caney)