MIDLAND, Mich.—Dow Chemical Co. reported a 16 percent increase in sales, despite a decline in net income.
The firm reported $13.8 billion in second quarter sales, up from about $12 billion in the same period for 2016. Net income, however, dropped to $1.36 billion from $3.23 billion.
Excluding the addition of Dow Corning's silicones business, sales rose 8 percent overall year-over-year and showed increases across all operating segments and geographic areas.
Volume also increased by 3 percent, excluding the impact of acquisitions.
"This quarter extended Dow's track record of execution," Andrew Liveris, Dow chairman and CEO, said in a statement. "We have now achieved nearly five years—19 consecutive quarters—of year-over-year operating earnings growth and nearly 4 years—15 consecutive quarters—of volume growth."
For the six-month period, sales increased to $27.1 billion, up from $22.7 billion in 2016. Net income, however, decreased to $2.27 billion, compared to $3.5 billion last half year.
Dow's Performance Materials & Chemicals segment reported second quarter growth, with $2.6 billion in sales, up from $2.3 billion in the same period of 2016. Prices also increased 10 percent and volumes grew 3 percent. Polyurethanes grew by double digits in all geographic areas, a result that Dow attributes, in part, to strong demand and price increases downstream.