RTTNews | Oct 21, 2021 06:25AM EDT

06:25 Thursday, October 21, 2021 (RTTNews.com) - Dow (DOW) said it delivered sequential and year-over-year top- and bottom-line growth for its third quarter. Volume increased 2%, driven by gains in Packaging & Specialty Plastics and Performance Materials & Coatings. The company generated higher cash flow from operations and achieved sales growth across all segments and geographies, during the quarter. Gross debt was reduced by more than $1.1 billion in the quarter.

Looking ahead, the company said it is well-positioned to increase earnings, cash flow and returns as it decarbonize footprint and achieve 2030 and 2050 carbon emissions reduction targets.

"We continue to see robust end-market demand that is expected to extend into 2022, coupled with near-term logistics constraints and low inventory levels across our value chains," said Jim Fitterling, CEO.

Third quarter operating earnings per share was $2.75, compared to $0.50 in the year-ago period. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $2.56, for the quarter. Analysts' estimates typically exclude special items. Operating EBIT improved to $2.89 billion from $761 million. Net income to common stockholders was $1.68 billion or $2.23 per share compared to a loss of $25 million or $0.04 per share.

Net sales were $14.8 billion, up 53% versus from last year, with gains in all operating segments and regions. Analysts expected revenue of $14.25 billion, for the quarter. Packaging & Specialty Plastics segment net sales were $7.7 billion, up 69% from prior year.

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