Dow Chemical profit rises 6 percent in 3Q

[October 23, 2008]  MIDLAND, Mich. (AP) -- Dow Chemical says its profit rose 6 percent in the third quarter, helped by price hikes that offset a nearly 50 percent increase in raw materials and energy costs.

Its earnings adjusted for one-time items such as hurricane damage to its Gulf of Mexico operations beat Wall Street estimates.

The Midland-based company said Thursday it earned $428 million, or 46 cents a share, in the three months ended Sept. 30. That is up from earnings of $403 million, or 42 cents a share, a year ago.

But it says excluding one-time charges, its profit was 60 cents a share. That topped Wall Street estimates of 57 cents a share.

It says sales rose 13 percent to $15 billion. Analysts expected $15.6 billion.

[Associated Press]

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