Midland, MI, January 27--Dow Chemical posted a 10 percent increase in fourth-quarter net profit on Thursday, beating expectations, as it benefited from higher prices.
Net income rose to $1.03 billion, or $1.06 per share, from $929 million, or $0.99 per share, a year earlier.
Earnings included a $0.21 a share gain. Excluding special items, analysts on average expected a profit of $0.70 a share, according to Reuters Estimates.
Sales of Dow's chemicals, which are used in everything from paints to car parts, rose 31 percent to $10.9 billion, reflecting a 3 percent increase in volume and 28 percent rise in prices.
"Strong industry demand drove continued high operating rates and allowed Dow to expand margins across most businesses, despite an unprecedented $1.5 billion increase in feedstock and energy costs," the company said in a statement.
