Dow Chemical turns 2Q profit on global recovery

[August 03, 2010]  NEW YORK (AP) -- Dow Chemical, the nation's largest chemical manufacturer, says growing economic momentum and sharply higher revenue drove it to a second-quarter profit.

But its adjusted earnings came in slightly below Wall Street expectations.

The company, which makes products from cosmetic ingredients to food additives, is confident that economic momentum is building and is guardedly optimistic about the U.S. economy.

The Midland, Mich., company earned $566 million, or 50 cents per share, after paying preferred dividends. That contrasts to a loss of $486 million, or 47 cents per share, a year earlier.

Its adjusted earnings came to 54 cents a share. Analysts expected 56 cents a share.

Its says revenue jumped 20 percent to $13.62 billion. Analysts expected revenue of $13.69 billion.

[Associated Press]

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