Midland, Michigan — The Dow Chemical Co. reported sales of $11 261 million for the third quarter of 2005, a 12 percent increase compared with the same period of 2004. Net income rose 30 percent to $801 million.The company said its feedstock and energy costs were almost $850 million higher than a year ago. Nevertheless, Dow recorded its 11th consecutive quarter of year- over-year margin recovery and was able to further reduce debt by $500 million. At the end of the quarter, Dow’s net debt to capital ratio was 32 percent, 14 percentage points lower than at the end of the same quarter in 2004. The company’s gross debt to total capital ratio was 41 percent.”This was also a quarter that underscored the value of Dow’s strategic direction. Our Performance Plastics and Performance Chemicals businesses each had a strong quarter compared with a year ago – reinforcing the benefit of our diversified business portfolio. Increased demand for Dow’s products in Europe offset declines in other parts of the world – demonstrating the merit of geographic balance,” said Geoffery Merszei, Dow’s executive vice president and chief financial officer.”
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