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Dow gives upbeat sales forecast as reopening economies drive demand By Reuters

© Reuters. FILE PHOTO: A Dow signal is seen on the third China Worldwide Import Expo (CIIE) in Shanghai, China November 5, 2020. REUTERS/Aly Tune

By Arathy S Nair

(Reuters) – Chemical substances maker Dow Inc on Thursday forecast better-than-expected gross sales for the present quarter, betting on elevated industrial manufacturing, and better shopper spending as economies emerge from pandemic-led lockdowns.

Dow additionally beat estimates for second-quarter revenue and income as its chemical compounds – utilized in the whole lot from plastic and meals packaging to textiles, electronics and paints – have seen a gentle rise in costs on the again of sturdy shopper and industrial demand in addition to decrease inventories.

The corporate mentioned it was anticipating third-quarter internet gross sales of between $13.75 billion and $14.25 billion, effectively above the estimates of $12.64 billion, in accordance with Refinitiv IBES knowledge.

“We proceed to be within the early levels of financial restoration,” Chief Monetary Officer Howard Ungerleider advised Reuters.

The unfold of the extremely contagious Delta variant, nevertheless, is fuelling fears of a pandemic resurgence and lockdowns throughout completely different elements of the globe, threatening the restoration.

“The Delta variant might result in some slowness in particular international locations or areas for a time frame, however over the following 4 to eight quarters, we nonetheless see sturdy demand,” he mentioned.

Ungerleider additionally mentioned Dow will lower bills, speed up digital investments and lift costs to offset will increase in logistics, transport and uncooked materials prices.

Product costs jumped 16% within the second quarter from the prior interval, whereas volumes rose 1%, helped by rising demand in infrastructure, industrial and personal-care finish markets.

Volumes have been weighed down by lingering provide constraints from the impression of a winter storm on the U.S. Gulf Coast in February.

Adjusted internet working earnings doubled to $2.72 per share and beat estimates of $2.45, in accordance with Refinitiv IBES knowledge.

Internet gross sales of $13.89 billion additionally topped estimates of $13.07 billion.

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