MIDLAND, Mich.—The Dow Chemical Co. reported an increase in net income and sales for the first quarter of 2014.
Dow's net income rose to $964 million, up from $550 million in 2013. Its sales increased 1 percent from 2013 to $14.5 billion. The firm said its performance plastics unit delivered adjusted sales of 6 percent, while coatings and infrastructure solutions grew by 5 percent due to increased volume.
“Dow's performance this quarter represents our team's cumulative and intense focus on the execution of our strategic value drivers, including targeted innovation, high-return investments and multiple productivity actions,” Chairman and CEO Andrew N. Liveris said.
The firm's performance material's segment reported sales of $3.3 billion, down 1 percent compared to 2013. Dow said weather was one reason for the decline. It also concluded marketing responsibilities for a former joint venture in North America that impacted sales for polyglycols, surfactants and fluids, oxygenated solvents, and amines.
Polyurethanes achieved revenue growth as a result of continued strong industrial and energy efficiency demand in all regions.
Dow automotive systems also increased its sales, which the firm attributed to the launch and increased production of innovative adhesive products.
Dow reported annual sales of more than $57 billion in 2013. The firm employs about 53,000 worldwide with more than 6,000 products manufactured at 201 sites in 36 countries.